Smurfit Westrock is the world's largest paper-based packaging company, formed in 2024 through the combination of Smurfit Kappa and WestRock. The company operates in 40 countries with roughly $31B in annual net sales. Its core product is corrugated packaging — containerboard converted into boxes used to ship, store, and display goods — sold primarily to consumer goods companies across food, beverage, agriculture, e-commerce, and retail. Smurfit Westrock also produces consumer packaging, including folding cartons, labels, and inserts, used as primary retail packaging for food, beverage, health, and pharmaceutical products. The company runs a vertically integrated model: it sources raw fiber, manufactures containerboard at its own mills, and converts that board into finished packaging at hundreds of box plants. This integration gives mills a captive customer base and allows them to run at high utilization. Revenue is driven by box volume, pricing, and the margin between box prices and input costs — primarily fiber and energy. Contracts typically run one to three years, often with raw material cost pass-through provisions, and no single customer exceeds 10% of revenue. North America is the largest segment, followed by Europe, MEA and APAC, and Latin America. A key near-term focus is improving North American profitability by exiting loss-making contracts inherited from legacy WestRock and applying Smurfit Kappa's owner-operator model, where each mill and box plant operates as an independent profit center. Management targets growing adjusted EBITDA from roughly $4.9B to $7B by 2030 through operational self-help, cost takeout, and Latin American expansion.