Smurfit Westrock to Buy CMPC's Chilean Containerboard and Corrugated Business for $420 Million

Smurfit Westrock plc has agreed to acquire the Chilean containerboard and corrugated business of Empresas CMPC S.A. for $420 million, expanding the packaging group's presence in Chile and strengthening its broader Latin American operations.

Completion is expected in the first half of 2027, subject to customary closing conditions and regulatory approvals, including review by Chile's Fiscalía Nacional Económica (FNE). Until closing, CMPC will continue to operate the businesses as normal.

Valuation

Smurfit Westrock said the transaction represents a post-synergy multiple of less than six times Adjusted EBITDA. CMPC said the $420 million consideration represents approximately 7.6 times last-twelve-month EBITDA. The two figures are based on different valuation measures and are not directly comparable.

Smurfit Westrock plans to fund the acquisition from its own liquid resources.

Assets

The business employs approximately 1,500 people and includes:

• A recycled containerboard mill in Puente Alto, Santiago, producing approximately 250,000 tonnes a year

• Three corrugated plants in Buin, Til Til and Osorno

• A molded packaging facility operated through Chilena de Moldeados (Chimolsa)

• A network of 12 paper and cardboard collection points

CMPC will retain its Softys plant at Puente Alto, which is not part of the transaction.

The assets are located near Chile's main fishing and agricultural regions and complement Smurfit Westrock's existing corrugated business.

Strategic rationale

Smurfit Westrock said the acquisition will strengthen its regional paper system and create opportunities to integrate recycled paper into its operations in Argentina, Peru and Ecuador. The company also plans to route kraftliner from Brazil and North America to the acquired corrugated plants in Chile, adding flexibility to its regional supply network.

The acquisition follows Smurfit Westrock's Medium-Term Plan, which identifies Latin America as a growth region through both internal investment and acquisitions. Alvaro Henao, CEO of Smurfit Westrock Latam, described the deal as an important addition of assets and talent to the regional organization.

CMPC's perspective

For CMPC, the sale forms part of a long-term strategy to sharpen its portfolio and strengthen its forestry and industrial capabilities. General Manager Francisco Ruiz-Tagle said the move supports the company's shift toward a more agile and flexible structure.