Rayonier Advanced Materials announced that Joshua C. Hicks is joining the company as Senior Vice President, High Purity Cellulose to lead the High Purity Cellulose business. Hicks brings nearly 20 years of business leadership experience in the chemical and advanced materials industries, most recently as Vice President, Global Industrial Solutions for Univar Solutions, a global chemical and ingredients distributor and provider of value-added services. In this role, he was responsible for a $1.3 billion global specialty chemicals and ingredients division. He previously worked for Nexeo Solutions, acquired by Univar in 2019, in various specialty chemical business unit leadership positions overseeing coatings and construction, personal care, and energy. Hicks began his career with Dow Chemical in various commercial and leadership roles of increasing responsibility across multiple business units.
Stora Enso has completed the divestment of its Maxau paper production site in Germany, and all related assets to Schwarz Produktion, part of Schwarz Group. The divestment announced on 13 September 2022 was completed today after regulatory approvals. The enterprise value of the transaction is approximately EUR 210 million.
The transaction will reduce Stora Enso’s annual SC (supercalendered) paper capacity by 530,000 tonnes. Based on the 2022 figures, the divestment is expected to reduce Stora Enso’s annual sales by approximately EUR 385 million. Subject to closing date adjustments, Stora Enso will book a one-time disposal gain of approximately EUR 55 million in its IFRS operating profit in the first quarter of 2023, considered as an item affecting comparability.
This transaction is part of the earlier announced plan to divest four of Stora Enso’s five paper production sites.