{"slug":"smurfit-westrock","name":"스머핏 웨스트록","name_en":"Smurfit Westrock plc","ticker":"SW","updated_at":"2026-09-24T11:48:07.062074+00:00","canonical":"https://valuechain.wiki/smurfit-westrock","citable":"밸류체인 그래프 기준 스머핏 웨스트록의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 12곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-09-24 기준).","citable_en":"Per the valuechain.wiki graph, Smurfit Westrock plc is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 12 companies within two hops; the links are backed by 7 dated sources, 1 of them primary filings (as of 2026-09-24).","kicker":"글로벌 종이포장","kicker_en":"Global paper packaging","lead":"스머핏 웨스트록은 골판지·소비재 포장과 컨테이너보드 등 종이 기반 제품을 글로벌 브랜드와 유통사에 판매한다. 재생·천연 섬유, 에너지, 운송에 비용을 쓰며 수직계열화한 제지 공장과 포장 공장을 함께 운영한다.","lead_en":"Smurfit Westrock sells corrugated and consumer packaging, containerboard and other paper-based products to global brands and retailers. It spends on recovered and virgin fiber, energy and transport while operating an integrated network of mills and packaging plants.","categories":[{"key":"paper-packaging-products","ko":"제지·포장재","en":"Paper & Packaging Products","theme":"materials-chemicals","theme_ko":"산업 소재·화학","theme_en":"Industrial Materials & Chemicals","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"포장","note":"FY2025 외부고객 매출 250억4,900만 달러"},{"name":"종이","note":"FY2025 외부고객 매출 61억3,000만 달러"}],"total":"FY2025 총매출 311억7,900만 달러 (SEC 10-K, 2026-02-27)","track":"C"},"segments_en":{"parts":[{"name":"Packaging","note":"FY2025 revenue from external customers of $25.049 billion"},{"name":"Paper","note":"FY2025 revenue from external customers of $6.130 billion"}],"total":"FY2025 total revenue of $31.179 billion (SEC Form 10-K, 2026-02-27)"},"returns_yearly":{"2021":17.3,"2022":-28,"2023":14.1,"2024":37.6,"2025":-26.2,"2026":22},"return_asof":"2026-09-04","value_chain":{"leading":[{"slug":"unitedhealth-group","name":"유나이티드헬스 그룹","name_en":"UnitedHealth Group Incorporated","tier":3,"returns_yearly":{"2021":45.2,"2022":6.9,"2023":0.8,"2024":-2.4,"2025":-33.1,"2026":21.9}},{"slug":"keurig-dr-pepper","name":"큐리그 닥터페퍼","name_en":"Keurig Dr Pepper Inc.","tier":3,"returns_yearly":{"2021":17.5,"2022":-1.2,"2023":-4.2,"2024":-1.1,"2025":-10.1,"2026":17}},{"slug":"coca-cola-europacific-partners","name":"코카콜라 유로퍼시픽 파트너스","name_en":"Coca-Cola Europacific Partners","tier":3,"returns_yearly":{"2021":15.6,"2022":2.3,"2023":24.5,"2024":18.4,"2025":21.2,"2026":16.2}},{"slug":"doordash","name":"도어대시","name_en":"DoorDash, Inc.","tier":3,"returns_yearly":{"2022":-67.2,"2023":102.6,"2024":69.6,"2025":35,"2026":-6.5}},{"slug":"uber","name":"Uber","name_en":"Uber","tier":3,"returns_yearly":{"2021":-17.8,"2022":-41,"2023":149,"2024":-2,"2025":35.5,"2026":-7.3}},{"slug":"caseys","name":"케이시스","name_en":"Casey's","tier":2,"returns_yearly":{"2021":11.2,"2022":14.5,"2023":23.3,"2024":45,"2025":40.1,"2026":17.2}},{"slug":"monster-beverage","name":"몬스터 베버리지","name_en":"Monster Beverage Corporation","tier":2,"returns_yearly":{"2021":3.8,"2022":5.7,"2023":13.5,"2024":-8.8,"2025":45.9,"2026":13.8}},{"slug":"sysco","name":"시스코","name_en":"Sysco Corporation","tier":2,"returns_yearly":{"2021":8.3,"2022":-0.3,"2023":-1.7,"2024":7.4,"2025":-1,"2026":11}},{"slug":"darden-restaurants","name":"다든 레스토랑","name_en":"Darden Restaurants","tier":2,"returns_yearly":{"2021":29.5,"2022":-4.8,"2023":22.8,"2024":17.7,"2025":1.6,"2026":10.8}},{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":2,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":10.3}},{"slug":"royal-caribbean-group","name":"로열 캐리비안 그룹","name_en":"Royal Caribbean Cruises Ltd.","tier":2,"returns_yearly":{"2021":3,"2022":-35.7,"2023":162,"2024":79,"2025":22.5,"2026":2.9}},{"slug":"dollar-general","name":"달러 제너럴","name_en":"Dollar General Corporation","tier":2,"returns_yearly":{"2021":13,"2022":5.6,"2023":-44.1,"2024":-43.1,"2025":79.6,"2026":1.8}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":2,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":0.6}},{"slug":"emart","name":"이마트","name_en":"E-mart Inc.","tier":2,"returns_yearly":{"2021":-18.4,"2022":-19.5,"2023":-25.3,"2024":-14.6,"2025":44.7,"2026":-21.1}},{"slug":"mcdonalds","name":"McDonald's","name_en":"McDonald's","tier":2,"returns_yearly":{"2021":27.8,"2022":0.5,"2023":15.1,"2024":0.1,"2025":7.9,"2026":-21.5}},{"slug":"coca-cola","name":"Coca-Cola","name_en":"The Coca-Cola Company","tier":1,"returns_yearly":{"2021":11.4,"2022":10.6,"2023":-4.4,"2024":8.9,"2025":15.6,"2026":27.7}},{"slug":"pepsico","name":"PepsiCo","name_en":"PepsiCo","tier":1,"returns_yearly":{"2021":20.6,"2022":6.8,"2023":-3.3,"2024":-7.6,"2025":-1.8,"2026":-2.2}}],"benefiting":[],"analysis":"글로벌 종이포장 기업. 2026년 +22%다. 본주(+22%)와 수요단(평균 +12.8%)이 같은 보폭으로 움직인다. 연결 노드 중 가장 앞선 곳은 코카콜라(+27.7%), 가장 처진 곳은 펩시코(-2.2%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Smurfit Westrock plc operates across Global paper packaging. It is +22% in 2026. The stock (+22%) and its demand side (avg +12.8%) are moving in step. Among connected nodes the furthest ahead is The Coca-Cola Company (+27.7%) and the furthest behind is PepsiCo (-2.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It spends on recovered and virgin fiber, energy and transport while operating an integrated network of mills and packaging plants.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"WestRock Company","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-27","basis":"WestRock 합병의 확정 총대가","value":13461000000,"period":"Combination closed 2024-07-05","basis_en":"Final aggregate consideration for the WestRock merger","qualifier":null},"note":"Smurfit Kappa가 회계상 인수자로 WestRock을 결합해 2024년 7월 스머핏 웨스트록을 출범시켰다. 2025년 10-K가 확정한 WestRock 합병대가는 134억6,100만 달러다.","note_en":"Smurfit Kappa, the accounting acquirer, combined with WestRock to form Smurfit Westrock in July 2024. The finalized aggregate merger consideration reported in the 2025 Form 10-K was $13.461 billion.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-27","url":"https://www.sec.gov/Archives/edgar/data/2005951/000162828026012555/smur-20251231.htm","title":"Smurfit Westrock plc 2025 회계연도 10-K","title_en":"Smurfit Westrock plc Form 10-K for FY2025","excerpt":"2024년 7월 5일 결합 완료 후 Smurfit Kappa와 WestRock은 각각 스머핏 웨스트록의 완전자회사가 됐다.","excerpt_en":"Upon completion of the Combination, Smurfit Kappa and WestRock each became wholly-owned subsidiaries of Smurfit Westrock."},{"stance":"mentions","publisher":"AP통신","publisher_en":"Associated Press","kind":"news","lang":"en","published_at":"2023-09-12","url":"https://apnews.com/article/smurfit-kappa-westrock-packaging-ireland-aae36e5e2977c5748c27a1af78a59737","title":"스머핏 카파와 웨스트록, 약 200억 달러 규모 글로벌 포장기업 결합","title_en":"Smurfit Kappa, WestRock combining to create a global packaging company with a value of almost $20B","excerpt":"양사는 스머핏 웨스트록이라는 새 회사를 만들며 WestRock 주주는 주당 현금 5달러와 신주 1주를 받는다고 발표했다.","excerpt_en":"WestRock shareholders will receive $5 in cash and one share in the new company."}]},{"direction":"cost","counterparty":"ENGIE North America","counterparty_slug":null,"confidence":"high","metric":{"type":"count","unit":"years","as_of":"2025-11-01","basis":"ENGIE 태양광 프로젝트 2건의 가상전력구매계약 기간","value":15,"period":"2023-2038","basis_en":"Term of the virtual power purchase agreements for two ENGIE solar projects","qualifier":null},"note":"합병 전 WestRock은 ENGIE North America가 운영하는 텍사스 태양광 프로젝트 두 곳과 15년 가상전력구매계약을 맺었다. 계약에 따른 재생에너지 인증서가 현재 스머핏 웨스트록의 에너지 조달과 배출 감축에 쓰인다.","note_en":"Before the combination, WestRock entered into two 15-year virtual power purchase agreements tied to Texas solar projects operated by ENGIE North America. The resulting renewable energy certificates now support Smurfit Westrock's energy procurement and emissions reduction.","sources":[{"stance":"confirms","publisher":"스머핏 웨스트록","publisher_en":"Smurfit Westrock","kind":"ir","lang":"en","published_at":"2025-11-01","url":"https://www.smurfitwestrock.com/sustainability/-/m/files/documents---global/investor/green-bond-allocation-and-impact-report-2025.pdf?hash=D7C514ED8747F098F44DBF66029956DF&rev=78bdc676f3ee4e0a8a9eba85f016432a","title":"스머핏 웨스트록 2025 녹색채권 배분 및 영향 보고서","title_en":"Smurfit Westrock Green Bond Allocation and Impact Report 2025","excerpt":"WestRock은 ENGIE North America의 텍사스 태양광 사업 두 곳을 지원하는 가상전력구매계약을 체결했다.","excerpt_en":"WestRock signed two major renewable energy deals in 2023."}]},{"direction":"cost","counterparty":"Statkraft","counterparty_slug":null,"confidence":"mid","metric":{"type":"count","unit":"years","as_of":"2026-04-28","basis":"Statkraft 지원 스페인 풍력 가상전력구매계약 기간","value":10,"period":"2026 agreement term","basis_en":"Term of the Statkraft-supported virtual power purchase agreement for a Spanish wind asset","qualifier":null},"note":"스머핏 웨스트록은 PepsiCo·Givaudan과 함께 Statkraft가 지원하는 스페인 풍력자산의 10년 가상전력구매계약에 참여했다. 공개 자료에는 스머핏 웨스트록의 개별 계약금액이나 전력 배분량이 나오지 않는다.","note_en":"Smurfit Westrock joined PepsiCo and Givaudan in a 10-year virtual power purchase agreement supported by Statkraft and linked to a Spanish wind asset. The public announcement does not disclose Smurfit Westrock's individual contract value or power allocation.","sources":[{"stance":"confirms","publisher":"PepsiCo","publisher_en":"PepsiCo","kind":"ir","lang":"en","published_at":"2026-04-28","url":"https://www.pepsico.com/newsroom/press-releases/2026/pepsico-givaudan-smurfit-westrock-statkraft-sign-10-year-renewable-energy-agreement-across-europe","title":"PepsiCo·Givaudan·스머핏 웨스트록·Statkraft, 유럽 10년 재생에너지 계약 체결","title_en":"PepsiCo, Givaudan, Smurfit WestRock and Statkraft sign 10-year renewable energy agreement across Europe","excerpt":"네 회사는 스페인 풍력자산을 기초로 한 10년 가상전력구매계약을 발표했다.","excerpt_en":"a 10-year Virtual Power Purchase Agreement with an underlying wind asset in Spain"}]},{"direction":"revenue","counterparty":"Coca-Cola","counterparty_slug":"coca-cola","confidence":"mid","metric":{"type":"amount","unit":null,"as_of":"2026-07-07","basis":"Coca-Cola China 캠페인 포장 공급 관계","value":null,"period":"2026 World Cup campaign","basis_en":"Packaging supply relationship for Coca-Cola China's campaign","qualifier":"confirmed_no_disclosed_value"},"note":"스머핏 웨스트록은 Coca-Cola China의 2026 월드컵 캠페인용 소매·전자상거래 종이 포장을 공동 개발했다. 과거 WestRock도 코카콜라용 종이 기반 친환경 포장을 공급한 사례가 한국어 리서치에 확인된다.","note_en":"Smurfit Westrock co-developed paper-based retail and e-commerce packaging for Coca-Cola China's 2026 World Cup campaign. Korean research also documents a legacy WestRock paper-packaging project for Coca-Cola.","sources":[{"stance":"confirms","publisher":"스머핏 웨스트록","publisher_en":"Smurfit Westrock","kind":"ir","lang":"en","published_at":"2026-07-07","url":"https://www.smurfitwestrock.com/newsroom/press-releases/2026/smurfit-westrock-partners-with-coca-cola-on-world-cup-packaging-to-capture-spike-in-consumer-demand","title":"스머핏 웨스트록, 월드컵 수요 대응을 위한 코카콜라 포장 협력","title_en":"Smurfit Westrock partners with Coca-Cola on World Cup packaging to capture spike in consumer demand","excerpt":"스머핏 웨스트록은 Coca-Cola China와 2026 월드컵 캠페인용 종이 기반 포장 솔루션을 출시했다.","excerpt_en":"Smurfit Westrock partnered with Coca-Cola China to launch a series of innovative paper-based packaging solutions."},{"stance":"confirms","publisher":"미래에셋대우 리서치센터","publisher_en":"Mirae Asset Daewoo Research Center","kind":"research","lang":"ko","published_at":"2020-11-19","url":"https://securities.miraeasset.com/bbs/download/2079713.pdf?attachmentId=2079713","title":"글로벌 그린 인더스트리","title_en":"Global Green Industries","excerpt":"2020년 유럽에서 처음 사용되기 시작한 코카콜라 WestRock의 종이를 이용한 친환경 포장.","excerpt_en":"Coca-Cola and WestRock's paper-based sustainable packaging began to be used in Europe in 2020."}]},{"direction":"revenue","counterparty":"PepsiCo","counterparty_slug":"pepsico","confidence":"mid","metric":{"type":"amount","unit":null,"as_of":"2023-11-15","basis":"PepsiCo 유럽 식품사업 포장 공급 관계","value":null,"period":"2023","basis_en":"Packaging supply relationship for PepsiCo's European food business","qualifier":"sole_source"},"note":"합병 전 Smurfit Kappa는 PepsiCo 유럽 식품사업의 단독 포장 공급사였고 미주 여러 국가에도 제품을 공급했다. 이 15년 협력 관계는 현재 스머핏 웨스트록의 고객 기반으로 이어졌다.","note_en":"Before the combination, Smurfit Kappa was PepsiCo's sole packaging supplier for its European food business and also supplied several markets in the Americas. The 15-year relationship became part of Smurfit Westrock's customer base.","sources":[{"stance":"confirms","publisher":"스머핏 카파","publisher_en":"Smurfit Kappa","kind":"ir","lang":"en","published_at":"2023-11-15","url":"https://www.smurfitwestrock.com/about/company-archive/smurfit-kappa/press-releases/2023/smurfit-kappa-comes-out-top-amongst-pepsicos","title":"스머핏 카파, 펩시코 글로벌 공급사 중 최고 평가","title_en":"Smurfit Kappa comes out top amongst PepsiCo's global suppliers","excerpt":"스머핏 카파는 펩시코 유럽 식품사업의 단독 공급사이며 미주 여러 국가에도 공급한다.","excerpt_en":"PepsiCo's sole supplier for its European food business. It also supplies PepsiCo in several countries in the Americas."}]}]}