Local packaging maker WestRock Co. is planning to sell its Richmond-based home, health and beauty business for about $1 billion.
The company, which has been looking to shed non-core business units, said Monday that it has agreed to sell the division that makes packaging products such as dispensers, pumps and sprayers to Silgan Holdings Inc., a Stamford, Conn.-based packaging company.
Silgan will pay $1.025 billion in cash and will assume about $25 million in foreign pension liability in the deal, expected to close by the end of March. WestRock said it expects to receive net after-tax proceeds from the sale of about $1 billion.
