Sylvamo's board of directors entered into a cooperation agreement with Atlas Holdings, its largest shareowner, adding two new independent directors to its board. Effective March 1, Sylvamo will add Karl Meyers and Mark Wilde, expanding the company's board to 11 directors. "We look forward to welcoming Karl and Mark to our board," said Jean-Michel Ribiéras, chairman and chief executive officer. "They will bring valuable expertise to Sylvamo." The cooperation agreement includes customary restrictions and voting commitments. Sylvamo will nominate Meyers and Wilde for election with its other directors during its 2023 annual shareowners meeting. The board also determined it would terminate Sylvamo's shareholder rights plan immediately.
The company’s acquisition has been finalized.
Feldmuehle Uetersen announced that it will be transferred to a subsidiary of the Berlin-based Beteiligungsgesellschaft Kairos Industries with effect from 15 June 2018 and will be continued in full. ‘Feldmuehle’ was founded specially for the transfer.
The insolvency administrator and restructuring expert Dr. Tjark Thies from the Hamburg law firm Reimer Rechtsanwälte had concluded an acquisition agreement with Kairos in May 2018. This agreement was under several challenging conditions, which were met the week ended June 15.
“The successful completion of this refurbishment is largely thanks to the dedication, flexibility and responsiveness of the Feldmuehle employees,” says Thies.