Following the announcement released on 29 January 2020, the Lecta Group is pleased to announce the completion of a comprehensive recapitalisation transaction, as initially announced on 24 September 2019. The Recapitalisation was implemented via the transfer of Sub-Lecta S.A. to be indirectly held by a newly incorporated UK company, which will be known as Lecta Ltd, and the exchange of existing senior secured notes to new longer dated debt instruments and equity. The Recapitalisation results in a materially improved capital structure for the Lecta Group, and will strongly position it as it enters the next phase of growth.
Solenis has completed the acquisition of the pulp and paper chemical distribution business from Connell Bros. Co. (CBC) in Thailand, Philippines, Malaysia and Vietnam.
All assets and business associated with the Solenis pulp and paper business represented by CBC in these countries are part of the deal, including inventory, accounts and field equipment. Additionally, CBC sales and technical personnel will be invited to transfer to Solenis, continuing the operation of the business.
“Southeast Asia is now a fast-growing pulp and papermaking territory and represents a significant growth opportunity for Solenis,” said John Panichella, president and CEO. “We have worked in close collaboration with the Connell Brothers Southeast Asia team for a number of years, so this is a logical next step in our desire to provide total solutions to our customers in this market.”
“We plan to continue to build strong business relationships with our customers in Southeast Asia and to position Solenis to better serve the pulp and paper market,” said Nandu Dhekne, vice president, Asia Pacific, Solenis.
“CBC is helping to manage a smooth transition for our longtime paper customers as we transition this business over to Solenis,” said Jeffrey Streblow, Senior Vice President, CBC.