Oceanwood has entered into a sale and purchase agreement (the SPA*) to buy the entire issued share capital of Norske Skog AS (Norske Skog). Following a four-month competitive auction process, in which more than 100 prospective bidders were approached, Oceanwood emerged as the winning bidder by offering the highest value in cash for the shares and the intercompany loans. John Chiang, an Investment Adviser of Oceanwood, says: “Our first investment in Norske Skog was back in 2015 and we have supported and worked constructively with the group since. In November 2017, as it became apparent that it would be difficult to reach a consensual solution and solve the financial issues in the former Norske Skogindustrier holding structure, we decided to act to protect the operating companies. With the subsequent auction process now concluded, we are very excited to team up with Norske Skog’s management and employees. We share the ambition to see the new Norske Skog Group succeed and to realise the potential that we believe is inherent in the business as it continues to transform and grow.” Click Read More below for additional information.
Red Leaf Pulp Ltd., developer of a proprietary low-carbon pulping process, and Valmet, Ltd. have signed a long-term Teaming Agreement to exclusively collaborate and pursue commercialization of Red Leaf’s innovative ag-based pulping process in North America, employing Valmet’s fiberline and other value-added equipment.
Red Leaf’s initial plant in Regina Saskatchewan is expected to start commercial production in 2023 and will have the capacity to produce 600 tonnes per day of market pulp from waste wheat straw collected and aggregated from local producers.
“We are pleased to partner with Valmet in developing this new pathway for ag-feedstock pulp. The technology has been successfully proven through piloting at Valmet’s Fiber Technology Center in Sundsvall, Sweden and will comfortably scale to achieve strong financial returns.” said Martin Pudlas, CEO of Red Leaf Pulp. “Valmet’s team has been terrific to work with and their technical capability and equipment options are second to none. We appreciate the confidence shown in our process and our team, and look forward to completing final feasibility and project finance with Valmet’s invaluable support.”
“The growth of ag-feedstock pulp processing in North America is an exciting development for the pulp and paper industry, with many positive impacts to sustainable business,” adds Drew Humphries, Vice President, Pulp & Energy – North America for Valmet. “Red Leaf Pulp is a very innovative Company and we are proud to combine our expertise with them towards the success of this effort.”