Cardboard Makers Face Federal Price-Fixing Probe
Businesses that buy corrugated packaging should watch for pricing shifts as the grand jury investigation proceeds.
Updated on Nov. 5, 2026 in Consumer Goods
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The Justice Department has issued grand jury subpoenas to three of the largest U.S. makers of cardboard products, Smurfit Westrock, International Paper, and Packaging Corporation of America, as part of a potential criminal price-fixing investigation. The companies disclosed the subpoenas in regulatory filings this week, and operators who buy corrugated packaging should expect the inquiry to shape containerboard pricing and supplier relationships.
Why it matters
The probe centers on the pricing and sale of containerboard and related products, the raw material for the shipping boxes many businesses depend on. A parallel class-action lawsuit filed last year accuses containerboard makers of conspiring to fix prices beginning in 2020, which makes this a matter that has been building for years rather than a sudden development.
Three of the largest U.S. containerboard producers received subpoenas, and PCA's $1.8 billion purchase of Greif's containerboard business came last year. The alleged price-fixing window starts in 2020, and the Fastmarkets RISI containerboard price index rose in September 2026.
The players
Smurfit Westrock
A major North American and global producer of paper-based packaging formed by the 2024 merger of Smurfit Kappa and WestRock, and a leading containerboard maker.
International Paper Co.
A large U.S. paper and packaging company whose corrugated packaging and containerboard operations make it one of the country's biggest cardboard producers.
Packaging Corporation of America
A major U.S. containerboard and corrugated packaging producer that bought Greif's containerboard business for $1.8 billion last year.
U.S. Department of Justice
The federal agency that enforces antitrust law and conducts criminal price-fixing investigations affecting businesses across industries.
Greif Inc.
An industrial packaging company that sold its containerboard business to PCA last year and is named as a defendant in the class-action lawsuit.
The details
A grand jury subpoena compels the production of documents and testimony for a criminal inquiry, which differs from a civil lawsuit. Because the containerboard market is concentrated among a small number of large producers, prosecutors are examining whether pricing moves reflected coordination rather than normal competition. Smurfit Westrock was itself created by a 2024 merger of Smurfit Kappa and WestRock, so the investigation touches a company that changed significantly in recent years.
Timeline
2020: The alleged containerboard price-fixing conspiracy begins.
2024: Smurfit Westrock is formed through the merger of Smurfit Kappa and WestRock.
2025: A class-action lawsuit is filed and PCA buys Greif's containerboard business for $1.8 billion.
September 2026: The Fastmarkets RISI containerboard price index rises.
Early November 2026: Smurfit Westrock, International Paper, and PCA disclose the grand jury subpoenas in regulatory filings.
Market Landscape
Containerboard is a concentrated commodity market, so federal price-fixing scrutiny aimed at a few large producers follows a familiar antitrust pattern. The inquiry also arrives during a period of industry consolidation, including the 2024 Smurfit-WestRock merger and PCA's 2025 acquisition of Greif's containerboard assets.
Businesses that buy corrugated boxes and containerboard should review current supplier pricing and contract terms and track how the investigation affects supply. Procurement and finance teams should factor possible price volatility in this category into near-term budgets, and should consult qualified counsel before making any decisions tied to the litigation.
The takeaway
The key operating point is that containerboard pricing is now under active criminal scrutiny, so packaging costs could move as the case develops. Operators should monitor the Fastmarkets RISI containerboard price index and review supplier contracts, and should route any legal or contractual questions to qualified counsel.
Further reading
For more on how packaging and paper costs move through consumer markets, explore the Consumer Goods section.
Source note: This article includes information reported by Transport Topics.
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