Mativ Holdings, Inc. announced that it has received a binding offer from Evergreen Hill Enterprise, Pte. Ltd., to acquire Mativ’s Engineered Papers business, part of Mativ’s Fiber Based Solutions reporting segment, for $620 million. Subject to customary closing date adjustments, Mativ expects to receive net proceeds (net of taxes and other items) of approximately $575 million in the proposed transaction, which would be primarily used for debt paydown. Julie Schertell, CEO of Mativ, commented, “The proposed sale of Engineered Papers is a key milestone in the transformation of Mativ and aligns with our strategy to focus our efforts, accelerate growth, and drive value for our shareholders. This pivotal action positions our portfolio for faster growth and focuses our resources on categories with the most promising revenue and margin expansion opportunities. While a solid business, EP’s concentration in the tobacco industry is not aligned with Mativ’s long-term ambition and presents a more attractive value proposition under new strategic ownership. Our talented and dedicated employees will continue to deliver outstanding products and service to EP’s long-standing customer base, and we are confident in a smooth transition.”
Effective with shipments July 1, 2018 and after, Kruger will increase the transaction price of all coated grades. This includes Krukote Offset; Krukote Hi Bulk; Krukote 76/80; Krukote Recycled; Krukote Satin/76/80. The increase will apply to all basis weights and finishes.
WestRock Company provided the following update on its ransomware incident which was announced on Jan. 25, 2021. WestRock’s security teams, supported by leading cyber defense firms, continue to work on remediation of and recovery from this incident. With some exceptions, the Company’s operations have continued to run and deliver for customers. In locations where technology issues have been identified, we are using alternative methods to process and ship orders. “We are working around the clock to complete our investigation and to restore normalized operations as quickly as possible,” said Steve Voorhees, chief executive officer. “WestRock teams are taking extraordinary steps to keep our mills and converting plants operational and to safely deliver to our customers.”
Resolute Forest Products Inc. expressed praise for Wednesday's filing by the Government of Canada at the World Trade Organization (WTO). Canada launched a wide-ranging complaint against the United States, challenging a host of measures inconsistent with its WTO obligations. Resolute applauds the Canadian action, standing up for Canadian jobs and families, the company's customers and business partners in the United States, and the international rule of law. "Resolute has been a victim of this pattern of behavior by the United States Department of Commerce. We are repeatedly confronting the same discredited protectionist policies when we fairly sell paper and lumber to American consumers who need and want these products," stated Richard Garneau, president and chief executive officer. Click Read More below for additional information.