BillerudKorsnäs To Acquire Verso
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BillerudKorsnäs has entered into a merger agree- ment with Verso Corporation under which Biller- udKorsnäs has agreed to acquire Verso, a producer of coated papers in North America, for a purchase price of approximately $825 million in cash. Verso’s Board of Directors, acting upon the recommenda- tion of a special committee, has unanimously ap- proved, and resolved to recommend the transaction to Verso’s shareholders. The transaction is expected to close in the second quarter of 2022. Verso reported net sales for the last 12 months ended 30 September 2021 of $1,264 million and adjusted EBITDA of $158 million. The acquisition and transformation will be fi- nanced through a combination of a rights issue of up to SEK 3.5 billion, additional debt and operating cash flow. The plan is to convert Verso’s largest facility, its Escanaba mill, into a sustainable, fully integrated paperboard production site. One machine is esti- mated to be converted by 2025, a second machine by 2029, to a total capacity of around 1,100 ktonnes. BillerudKorsnäs estimates that the investment for the conversion project will be up to SEK 9 billion, whereof around two thirds to be invested up to 2025 and the remainder up to 2029. The increased net capacity of around 400 ktonnes compared to today together with a more profitable product mix will create significant shareholder value over time. Stora Enso has been awarded Best Circular Solu- tion, one of three sustainability awards presented by Tetra Pak to its suppliers. The award recogniz- es the circularity performance of Stora Enso and its significant achievements in beverage carton recycling innovation. Earlier this year, Stora Enso and Tetra Pak announced their collaboration in a packaging circularity initiative that will triple the used beverage carton (UBC) recycling capacity in Poland, including the country’s entire UBC volume and overflow from neighboring countries. Tetra Pak launched its “Join Us in Protecting the Planet” supplier sustainability initiative in 2020 to catalyze its suppliers’ climate, biodiversity and cir- cularity progress, and to promote the need for col- laborative actions toward realizing the company’s 2030 goal – net zero greenhouse gas emissions in its own operations. Stora Enso Receives Sustainability Award
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8 December 20, 2021 Flexo Market News
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