Richmond-based packaging giant WestRock Co. said that it has agreed to form a joint venture with packaging maker Grupo Gondi that will combine the companies’ operations in Mexico.
WestRock, formerly MeadWestvaco Corp., said its three plants in Mexico that produce corrugated packaging in Mexicali, Monterrey and Queretaro will become part of the joint venture. The company also will contribute cash in exchange for 25 percent equity in the combined business, which will operate as Grupo Gondi.
Grupo Gondi has 10 production sites with six paper machines, seven corrugated packaging plants and four high-graphic folding carton plants with pre-printing capacity.
Grupo Gondi will be the majority shareholder, and its senior management team will lead the joint venture, with WestRock providing technical and commercial resources. The business will employ 6,800 people.
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