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Smurfit Westrock (NYSE: SW, LSE: SWR) has been granted a US$468.7 million compensation plus legal costs and interest by an ICSID arbitral tribunal in its dispute with Venezuela. The award stems from Venezuela's unlawful expropriation of Smurfit's Venezuelan operations in 2018, breaches of fair and equitable treatment, and restrictions on dividend repatriation. The tribunal dismissed Venezuela's jurisdictional objections and found multiple treaty violations, including the seizure of landholdings and failure to issue VAT refunds.
CEO Tony Smurfit expressed satisfaction with the award, stating it validates their claim of unlawful expropriation. The company will now pursue full payment from the Venezuelan government, although acknowledging that the award cannot fully compensate for the impact on their people and the local community.
Smurfit Westrock plc announces that its subsidiary, WRKCo Inc., has applied to cease being a reporting issuer in Québec, Manitoba, and British Columbia. WRKCo has eight series of outstanding notes totaling US$4.8 billion, guaranteed by Smurfit Westrock and certain subsidiaries. If approved, WRKCo will no longer be subject to Canadian continuous disclosure requirements.
The notes include:
- US$600 million 3.750% Senior Notes due 2025
- US$750 million 4.650% Senior Notes due 2026
- US$500 million 3.375% Senior Notes due 2027
- US$600 million 4.000% Senior Notes due 2028
- US$500 million 3.900% Senior Notes due 2028
- US$750 million 4.900% Senior Notes due 2029
- US$500 million 4.200% Senior Notes due 2032
- US$600 million 3.000% Senior Notes due 2033
Smurfit Westrock plc (NYSE: SW, LSE: SWR) reported its Q2 2024 financial results, with net sales of $2.97 billion and net income of $132 million. The company achieved an Adjusted EBITDA of $480 million with a 16.2% margin. Corrugated volume growth was 3.1% overall, with 3.5% in Europe and 1.5% in the Americas. The company completed its transaction with WestRock on July 5 and listed on the NYSE on July 8, joining the S&P 500. Despite challenges from higher recovered fiber costs and lower corrugated box prices, Smurfit Westrock maintains a strong market position and aims to recover increased costs through box pricing adjustments.
Smurfit Westrock plc (NYSE:SW, LSE:SWR) has declared a quarterly dividend of $0.3025 per share on its ordinary shares. The dividend is payable on September 18, 2024 to shareholders of record as of August 15, 2024. This announcement follows the company's recent completion of a share capital reduction, which has created distributable reserves. This move provides Smurfit Westrock with maximum flexibility to consider future quarterly dividend payments and other potential methods of returning value to shareholders, subject to Board approval.
Smurfit Westrock plc (NYSE:SW, LSE:SWR) has announced it will release its financial results for the second quarter ended June 30, 2024 on Tuesday, July 30, 2024, after the closing of regular trading on the New York Stock Exchange. The company will host an earnings conference call via webcast at 5:00 pm ET (10:00 pm BST) on the same day to discuss the results.
The earnings release and related materials will be available at smurfitwestrock.com, and the webcast can be accessed at https://investors.smurfitwestrock.com/overview. A replay will be available shortly after the call. It's important to note that the combination of Smurfit Kappa Group and Westrock Company was completed on July 5, 2024, and the reported results will comprise the financial results of Smurfit Kappa Group.
Smurfit Westrock, formed from the merger of Smurfit Kappa and WestRock, has started its primary listing on the New York Stock Exchange (NYSE) under the ticker 'SW' and a standard listing on the London Stock Exchange (LSE) under 'SWR.' The company operates in 40 countries with over 100,000 employees, focusing on sustainable and innovative packaging solutions. CEO Tony Smurfit emphasized the new entity's leadership in sustainable packaging, while CFO Ken Bowles highlighted the geographic and technological advantages. Trading on the LSE began today at 8:00 a.m. BST and will start on the NYSE at 9:30 a.m. EDT, marked by a bell-ringing ceremony.
Sierra Wireless (NASDAQ: SWIR) has resumed production following a ransomware attack that temporarily halted operations. The company engaged top cybersecurity firms for incident response and investigation. Sierra Wireless maintains that its internal systems were affected but believes that customer products and services were not compromised. They are actively working to restore operations and emphasize their commitment to security.
Sierra Wireless will release its fourth quarter financial results for the period ending December 31, 2020, on February 23, 2021. A conference call hosted by President and CEO Kent Thexton and CFO Sam Cochrane will occur at 5:30 p.m. Eastern Time the same day. Participants can join the call via a toll-free number or by accessing a live webcast, which will be available for one year post-call. Sierra Wireless is a leading IoT solutions provider, focusing on integrated solutions to enhance operational efficiency and revenue streams in the connected economy.
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