Smurfit-Stone Files for Reorganization in U.S. and Canada

Patrick J. Moore, chairman and CEO, said, “Over the past decade, we built one of North America’s premier containerboard and packaging companies. But, our financial performance has not reflected the full potential of our earnings power due to higher cost operations and burdensome debt levels dating back to the original formation of the company. As a result of our three-year transformation program, we have been focused on improving our operating performance and our operations are now well invested and far more cost effective.