Pallav Mittal's questions to Smurfit WestRock PLC (SW) leadership • Q1 2025
Question
Pallav Mittal asked if Smurfit Westrock is observing a shift in trade flows, with Chinese importers turning to Latin America, and how this might position the company. He also questioned the company's appetite for future M&A, asking if they would consider a major deal in a weak macro environment despite current leverage of 2.5x.
Answer
CEO Tony Smurfit stated that the company's primary focus is deleveraging the balance sheet towards a 2.0x target, ruling out any large, 'off the pitch' acquisitions for the foreseeable future. Regarding trade flows, he noted that Smurfit Westrock has minimal exposure to China but maintains strong, long-term customer relationships in Latin America, viewing the changing dynamics as a neutral-to-positive development for the company.