Smurfit Westrock has agreed to acquire CMPC’s containerboard and corrugated packaging business in Chile for $420 million, expanding its integrated packaging operations in Latin America.
The transaction includes a recycled containerboard mill, three corrugated packaging plants, a molded-packaging facility operated by Chimolsa and a network of 12 paper and board collection points. CMPC identifies the corrugated operations in Buin, Til Til and Osorno, with paper production in Puente Alto.
The recycled-containerboard operation in the Santiago area produces approximately 250,000 tons annually. Smurfit Westrock said it will strengthen the company’s regional paper system and allow recycled paper from Chile to be integrated into its operations in Argentina, Peru and Ecuador. The company also plans to route kraftliner from Brazil and North America to the acquired corrugated operations in Chile.
The assets are located near key fishery and agricultural regions. Smurfit Westrock said the acquisition would strengthen its integration and operations in southern Latin America while expanding its position in the Chilean containerboard and corrugated market.
CMPC said the divestment forms part of its long-term strategy to concentrate resources and capabilities in businesses where it has greater scale and competitive advantages. Approximately 1,500 employees work in the operations covered by the transaction. CMPC’s Softys plant in Puente Alto is not included in the sale.
Smurfit Westrock values the transaction at less than six times adjusted EBITDA after expected synergies. CMPC, using trailing 12-month EBITDA rather than a post-synergy measure, places the transaction multiple at approximately 7.6 times.
Smurfit Westrock intends to fund the acquisition from existing liquidity. Completion is expected during the first half of 2027, subject to customary closing conditions and regulatory approvals. CMPC said the agreement requires review and approval by Chile’s Fiscalía Nacional Económica.
Smurfit Westrock is a global provider of paper-based packaging solutions, with approximately 97,000 employees across 40 countries. The company operates more than 500 packaging and other facilities, along with 57 mills, and produces corrugated and consumer packaging as well as containerboard and other paper-based products.
