Smurfit Kappa signals closure of WestRock deal in July as earnings fall by 12%

Destocking and lack of economic activity contributed to notable drop in earnings 

The group's operating profit dropped to €1.4bn, down 16% year-on-year but still marking Smurfit Kappa's "second best" in its 90-year history.

Packaging giant Smurfit Kappa has outlined plans to close its multi-billion euro deal to buy US rival WestRock in July and create the world's biggest paper and packaging group.

The Irish company, which announced its delisting from Euronext Dublin following news of the deal, posted earnings of €2.35bn for 2023, down by 12% on the previous year amid a "difficult" demand environment, which Group CEO, Tony Smurfit said was "primarily due to destocking and a lack of economic activity in certain sectors, particularly durable goods."