Displaying items by tag: georgiapacific

Buckeye Technologies Inc. (NYSE:BKI) and Georgia-Pacific LLC has announced that they have reached a definitive agreement for Georgia-Pacific to acquire all of the outstanding shares of Buckeye Technologies' common stock for $37.50 per share in cash.  The transaction, subject to completion, is valued at approximately $1.5 billion, including debt.

Under the terms of the agreement, which has been unanimously approved by both companies' boards of directors, stockholders of Buckeye Technologies will receive $37.50 in cash per share, representing a premium of approximately 29 percent based on the average closing price of Buckeye Technologies' common stock over the last week.

Georgia-Pacific expects to launch a cash tender offer for all outstanding shares of Buckeye Technologies' common stock.  The tender offer is subject to the expiration or termination of any waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, other regulatory approvals and other customary closing conditions, and requires at least 75 percent of the outstanding shares of Buckeye Technologies' common stock to be tendered, consistent with the threshold for approval of a merger specified in Buckeye Technologies' certificate of incorporation. The transaction is not conditioned on financing.  In certain circumstances, the parties have agreed to complete the transaction through a merger, subject to receipt of stockholder approval.

Buckeye Technologies, based in Memphis, Tenn., is a leading manufacturer and marketer of specialty fibers and nonwoven materials made from wood and cotton.  The company's manufacturing assets include a specialty pulp mill at Perry, Fla.; cotton cellulose mills at Memphis, Tenn., and Lumberton, N.C.; and mills producing nonwovens at Mt. Holly, N.C., and Steinfurt, Germany.   Buckeye Technologies also has global sales offices in Beijing, the United Kingdom, France, Italy and Switzerland.  The company has approximately 1,200 employees worldwide.

"This transaction enables our stockholders to realize significant value, while also representing an important next step in the growth of Buckeye Technologies," said John Crowe, chairman and CEO.  "We are pleased that Georgia-Pacific recognizes the significant value of our company's special and unique assets, talented employees, and research and development capabilities.  Georgia-Pacific's acquisition of Buckeye will provide our company and our employees with exciting future growth opportunities. We will continue to execute on our business plan in partnership with a committed new owner that has a long history of delivering superior business performance through its dedication to operational excellence and innovation."

"Buckeye Technologies' competitive assets and capabilities strongly complement Georgia-Pacific's existing cellulose business and products.  The talented employees, innovation capabilities, advanced technologies, and specialty fibers and nonwovens businesses of Buckeye Technologies will provide a significant platform for continued growth and success," said Jim Hannan, CEO and president, Georgia-Pacific. 

Barclays is serving as exclusive financial advisor and Dechert LLP is serving as legal advisor to Buckeye Technologies. UBS and Blackstone are serving as financial advisors to Georgia-Pacific.

Headquartered in Atlanta, Georgia-Pacific is one of the world's leading manufacturers and marketers of building products, tissue, packaging, paper, cellulose and related chemicals. The company employs nearly 35,000 people worldwide. For more information, visit www.gp.com.

Headquartered in Memphis, Tenn., Buckeye Technologies currently operates manufacturing facilities in the United States and Germany. Its products are sold worldwide to makers of consumer and industrial goods. www.bkitech.com

NOTICE TO INVESTORS ABOUT THE OFFER: This announcement is neither an offer to purchase nor a solicitation of an offer to sell securities. The tender offer for the outstanding shares of Buckeye Technologies' common stock described in this news releasehas not commenced.  At the time the tender offer is commenced, Georgia-Pacific will file or cause to be filed a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission (SEC) and Buckeye Technologies will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC related to the tender offer.  The Tender Offer Statement (including an Offer to Purchase, a related Letter of Transmittal and other tender offer documents) and the Solicitation/Recommendation Statement will contain important information that should be read carefully before any decision is made with respect to the tender offer.  Those materials will be made available to Buckeye Technologies' stockholders at no expense to them by the information agent for the tender offer, which will be announced. In addition, all of those materials (and all other offer documents filed with the SEC) will be available at no charge on the SEC's website at www.sec.gov.

NOTICE TO INVESTORS ABOUT THE MERGER: In connection with the potential subsequent merger, Buckeye Technologies would expect to file a proxy statement with the SEC, as well as other relevant materials in connection with the proposed transaction pursuant to the terms of an Agreement and Plan of Merger, dated April 23, 2013, by and among Buckeye Technologies Inc., Georgia-Pacific LLC and GP Cellulose Group LLC.  The materials to be filed by Buckeye Technologies will be made available to Buckeye Technologies' investors and stockholders at no expense to them.  In addition, all of those materials will be available at no charge on the SEC's website at www.sec.gov.  Investors and stockholders of Buckeye Technologies are urged to read the proxy statement and the other relevant materials when they become available before making any voting or investment decision with respect to the proposed merger because they contain important information about the merger and the parties to the merger.

Buckeye Technologies and its respective directors, executive officers and other members of its management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of Buckeye Technologies' stockholders in connection with the proposed merger.  Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of certain of Buckeye Technologies' executive officers and directors in the solicitation by reading Buckeye Technologies' proxy statement for its 2012 annual meeting of stockholders, annual report on Form 10-K for the fiscal year ended June 30, 2012, and the proxy statement and other relevant materials which may be filed with the SEC in connection with the merger when and if they become available.  Information concerning the interests of Buckeye Technologies' participants in the solicitation, which may, in some cases, be different than those of Buckeye Technologies' stockholders generally, will be set forth in the proxy statement relating to the merger when it becomes available.  Additional information regarding Buckeye Technologies' directors and executive officers is also included in Buckeye Technologies' proxy statement for its 2012 annual meeting of stockholders and in Buckeye Technologies' annual report on Form 10-K for the fiscal year ended June 30, 2012.

SCA’s acquisition of Georgia-Pacific´s European tissue business has been completed. The purchase price amounts to EUR 1.32 bn on a debt-free basis. The acquired operations had sales in 2011 amounting to EUR 1.25 bn.

Georgia-Pacific has a well-established presence in Europe in both away-from-home and consumer tissue products. Their products in both segments are in particular marketed with the well-known Lotus brand.

“We are pleased that we now have closed the deal. The acquisition is a strategic fit that will strengthen our product offering with well-known brands and geographic reach in Europe. It also leads to substantial synergies”, says Jan Johansson, President and CEO of SCA.

The annual synergies are estimated at EUR 125m, with full effect in three years after closing. Related costs are estimated at EUR 130m.

The closing follows the EU clearance and its requirement that SCA divest Georgia-Pacific´s consumer tissue business in the UK including production capacity, Georgia-Pacific´s consumer tissue branded business in Benelux licensing out the Lotus brand during a limited time, and some of Georgia-Pacific´s and SCA´s retailer branded business in Scandinavia including production capacity. The businesses that are to be divested account for sales of approximately EUR 200m, which is in line with the expectations and does not change SCA´s evaluation of the deal.

See previous press releases regarding the transaction dated 10 November 2011, 8 February 2012 and 5 July 2012.

SCA’s binding offer to acquire Georgia-Pacific´s European tissue operations has been accepted – process continues towards closing

Georgia-Pacific´s acceptance of SCA’s binding offer follows consultations with appropriate works councils. As a result, a sales and purchase agreement has been signed by both parties.

The process will continue towards finalizing the acquisition, including the approvals by relevant competition authorities and further local consultation processes.

November 10th, 2011, it was announced that SCA had delivered a binding offer to acquire Georgia-Pacific´s European tissue operations. Georgia-Pacific has a well-established presence in Europe in both Away-From-Home and consumer tissue products. The company’s products are in particular marketed with the well-known Lotus brand.

Georgia-Pacific’s European tissue operations have approximately 5,000 employees and 15 production sites in seven countries. Sales in 2010 amounted to EUR 1.25bn (SEK 11.9bn).

SCA has delivered a binding offer to acquire Georgia-Pacific´s European tissue operations, with sales in 2010 amounting to EUR 1.25bn (SEK 11.9bn). The offered price is EUR 1.32bn (SEK 12.6bn). Georgia-Pacific´s acceptance of this offer is subject to consultations with works councils where appropriate.

“The deal is a strategic fit and will strengthen our product offering and geographic reach in Europe. It also leads to substantial synergies”, says Jan Johansson, President and CEO of SCA.

Georgia-Pacific’s European tissue operations have EBIT margins that are on a similar level as for SCA´s tissue business. The annual synergies are estimated at EUR 125m, with full effect in three years after closing. Related costs are estimated at EUR 130m. Already in year one the transaction is estimated to contribute to an increase of earnings per share and cash flow. With fully realized synergies earnings per share are expected to increase with approximately SEK 1.70.

SCA has received long-term committed credit facilities. The financing is within the Group´s target for debt/equity ratio.

Georgia-Pacific has a well-established presence in Europe in both away-from-home and consumer tissue products. Their products in both segments are in particular marketed with the well-known Lotus brand.

Consumer tissue accounts for some 60% of total sales and away-from-home tissue accounts for approximately 30% of sales. Personal care products such as cotton pads and facial cleansing wipes account for some 5%. In the consumer tissue business, close to 70% of sales are branded products and the remainder are private label products.

Georgia-Pacific’s European tissue operations have approximately 5,000 employees and 15 production sites in seven countries.
The transaction will be subject to customary consultation with employee representatives and will also be subject to approval by relevant competition authorities.

Georgia-Pacific has announced that its mills in Port Hudson, La., and Crossett, Ark., have been selected as the locations for the company’s previously announced more than $500 million investments in advanced, proprietary tissue-papermaking technology.

With the investments, each site will use the advanced technology to upgrade one of its existing paper machines and will install associated converting equipment. Engineering and related work is beginning immediately. Start up of the upgraded and new equipment is scheduled for 2012. Both projects will modernize the mills, improving their long-term competitiveness and helping to preserve existing jobs. These locations currently have approximately 2,300 employees. The projects also will create significant construction-related jobs during the work.

Together, these investments will enable Georgia-Pacific to produce an innovative, next generation of premium branded and top-tier customer branded bath tissue to meet the growing demands of consumers and customers.

“We are pleased to announce these major investments for our manufacturing locations in Arkansasand Louisiana,” said Kathy Walters, executive vice president - Georgia-Pacific Global Consumer Products. “This reflects our company’s strong commitment to our consumer products business, to the global competitiveness of skilled Georgia-Pacific employees, to the support of the communities where we operate and to the states that support the value we create.”

Arkansas Governor Mike Beebe added, “This tremendous investment in Crossett reflects Georgia-Pacific’s faith in the Arkansasworkforce and the business support in our state. Along with securing long-term viability for this facility and the quality jobs it provides, this project will create as many as 400 construction jobs during the expansion.”

“This is a great win for East Baton Rouge Parish, our forest products industry and our entire state,” said Louisiana Governor Bobby Jindal. “For the last two years, we have secured more significant business development projects per capita than any other Southern state. This project is yet another great example of the value of making business retention and expansion our top economic development priority. Georgia-Pacific has long been one of the largest, most important employers in the Capital Region -- this $300 million modernization project will ensure that Georgia-Pacific continues to be a major contributor to our economy for years to come.”

Jim Hannan, Georgia-Pacific chief executive officer and president, said, “These projects are a portion of the approximately $12 billion Georgia-Pacific and other Koch companies have invested in our businesses during the last five years - even during difficult economic conditions. Koch companies have historically invested 90 percent or more of their earnings back into their businesses so that they can continue to grow, meet customer needs and create value for society.”

This proprietary technology meets consumers’ demanding needs for premium qualities in tissue products - including softness and absorbency - while reducing combinations of fiber use, energy use or water use versus alternative papermaking processes.

These investments in Arkansasand Louisianaare the latest in a long history of investment in the states by Georgia-Pacific and other Koch companies. In Arkansas, Koch companies employ more than 3,100 people and, in Louisiana, Koch companies employ more than 1,300 people.

Headquartered at Atlanta, Georgia-Pacific is one of the world’s leading manufacturers and marketers of building products, tissue, packaging, paper, cellulose and related chemicals. The company employs more than 40,000 people at approximately 300 locations in North America, South Americaand Europe. Georgia-Pacific creates long-term value by using resources efficiently to provide innovative products and solutions that meet the needs of customers and society, while operating in a manner that is environmentally and socially responsible and economically sound. The familiar consumer tissue brands of Georgia-Pacific Consumer Products LP include Quilted Northern^®, Angel Soft^®, Brawny^®, enMotion^®, Sparkle^®, Mardi Gras^® and Vanity Fair^®. Dixie Consumer Products LLC, a Georgia-Pacific company, manufactures the Dixie^® brand of tabletop products. Georgia-Pacific has long been among the nation’s leading manufacturers and suppliers of building products to lumber and building materials dealers and large do-it-yourself warehouse retailers, with brands such as Plytanium^® plywood, DryPly^® water repellent plywood, Ply-Bead^® panels and Wood I Beam^™ joists offered by Georgia-Pacific Wood Products LLC and DensArmor Plus^® interior panels, DensGlass^® Sheathing and ToughRock^® drywall offered by Georgia-Pacific Gypsum LLC. For more information, visit www.gp.com., www.facebook.com/georgiapacific or www.twitter.com/georgiapacific.

Parsons & Whittemore and Georgia-Pacific have reached a definitive agreement for subsidiaries of Georgia-Pacific to purchase Parsons & Whittemore's Alabama River and Alabama Pine pulp mills in Perdue Hill, Ala.  Terms of the deal were not disclosed.

This acquisition includes the assets of the pulp mills, Alabama River Woodlands, the tall oil plant, the biodiesel plant, the chip mills at Elba and Jacksons Gap, Ala., and a pulpwood yard at Demopolis, Ala.  All employees of these operations will be offered employment with Georgia-Pacific. The sale is expected to close in the third quarter of this year.  Both companies are committed to working toward a seamless transition of the business for suppliers and customers.

"With the help of literally thousands of people over the past 35 years, we have built a world-class business, with pulp mills that rank among the highest in quality, productivity, safety and environmental responsibility," said George Landegger, Parsons & Whittemore chairman and CEO.  "Sincere thanks goes out to our employees for their diligent and dedicated efforts, and to all those in the local communities, such as landowners, wood suppliers and public officials, who had faith in us and who have assisted us greatly.

Landegger added, "I am proud of the relationships that we have developed in the Monroe County area and will continue to be active in local economic and social development.  The sale to Georgia-Pacific represents a very good fit within the industry, and the pulp mills can look forward with confidence to a secure and successful future."

"Georgia-Pacific is committed to strategic growth of our businesses, both organically as well as through acquisition and innovation," said Jim Hannan, Georgia-Pacific CEO and president.  "The employees and assets of Alabama River and Alabama Pine will be fully integrated into our GP Cellulose business unit.  We believe this investment will add long-term value to our company, our cellulose business and the communities where we operate."

"We are excited to integrate the talented employees and high quality assets of Alabama River and Alabama Pine into our GP Cellulose business," said Pat Boushka, GP Cellulose president.  "We look forward to serving the existing customers of these businesses and the completion next year of the current fluff conversion project so that we can continue to grow with our global fluff customers."

GP Cellulose is a non-integrated supplier of market and fluff pulp to global markets, with state-of-the-art pulp mills in Brunswick, Ga., and New Augusta, Miss. Commercial offices are located in Atlanta; Hong Kong; Montevideo, Uruguay; Shanghai, China; and Zug, Switzerland.  GP Cellulose's Brunswick and Leaf River mills produce an array of pulp grades, which are delivered to every region of the world for a wide variety of end uses and converting technologies.

BMO Capital Markets acted as financial advisor to Parsons & Whittemore in the transaction.

Parsons & Whittemore, a privately held company based in Rye Brook, N.Y., was founded in 1853 and acquired by Karl F. Landegger in 1944.  Throughout its history, the company has been recognized as a leading turnkey engineer/builder of pulp and paper mills, having completed some 60 projects in 28 countries.  Alabama River Pulp is one of the largest pulp mills in North America and a leading global supplier of hardwood and softwood pulp.

Headquartered at Atlanta, Georgia-Pacific is one of the world's leading manufacturers and marketers of building products, tissue, packaging, paper, cellulose and related chemicals. The company employs more than 40,000 people at approximately 300 locations in North America, South America and Europe. Georgia-Pacific creates long-term value by using resources efficiently to provide innovative products and solutions that meet the needs of customers and society, while operating in a manner that is environmentally and socially responsible and economically sound. For more information, visit www.gp.com.

SOURCE Georgia-Pacific

Georgia-Pacific announced that it intends to make significant investments, which could total more than $500 million, in an advanced, proprietary tissue-papermaking technology. The company expects this and subsequent investments to further strengthen its commitment to being the leader in tissue, towel and tabletop products.

The company said it has approved funding for final engineering for two paper machines incorporating the technology. These two paper machines and associated converting equipment will manufacture premium tissue products for the consumer market. Pending final site selection, start-up is expected for 2012.

“We have seen growth in the premium segments of the bath tissue category, largely driven by the award-winning, successful introduction of our three-ply Quilted Northern Ultra Plush® product in 2008,” said Kathy Walters, executive vice president of Georgia-Pacific’s global consumer products business. “This new investment further reflects our commitment to being an innovation leader to drive further growth in this important segment.

“The advanced technology meets consumers’ demanding needs for premium qualities in tissue products - including softness and absorbency - while reducing combinations of fiber use, energy use or water use versus alternative papermaking processes,” said Walters.

Added Jim Hannan, chief executive officer and president, “This significant investment should be a clear indication to our customers of Georgia-Pacific’s focus on growing our global consumer products business. It also demonstrates our commitment to the global competitiveness of our skilled employees, to our asset base and to the communities where we operate.”

Headquartered at Atlanta, Georgia-Pacific is one of the world’s leading manufacturers and marketers of building products, tissue, packaging, paper, cellulose and related chemicals. The company employs more than 40,000 people at approximately 300 locations in North America, South America and Europe. Georgia-Pacific creates long-term value by using resources efficiently to provide innovative products and solutions that meet the needs of customers and society, while operating in a manner that is environmentally and socially responsible and economically sound. The familiar consumer tissue brands of Georgia-Pacific Consumer Products LP include Quilted Northern®, Angel Soft®, Brawny®, Sparkle®, Mardi Gras®, and Vanity Fair®. Dixie Consumer Products LLC, a Georgia-Pacific company, manufactures the Dixie® brand of tabletop products. For more information, visit www.gp.com.

Media Contact:
James Malone 001 (404) 652-6031

Paper2010 will feature two expert panels and unique programming that allows for live feedback from attendees on the issues that matter most to paper executives. Paper2010 is being held at the Waldorf Astoria Hotel and Towers in New York City, March 21-23, 2010.

The Breakfast General Session, Part 1: Innovating for a New Era, will feature a panel of paper and packaging industry CEOs and other thought leaders who will provide insights into the impact of paper and packaging substitution, industry innovations, the business of sustainability and much more.

Panelists include:

* Mark Gardner, President and CEO, Sappi Fine Paper North America
* James Hannan, CEO & President, Georgia-Pacific, LLC
* Mary Laschinger, President, xpedx
* James Rubright, Chairman & CEO, RockTenn
* Peter Vogel, Executive Vice President, The Millcraft Group

The Paper2010 Luncheon Session, Part 2: Achieving Customer and Marketplace Driven Success, will continue the dialogue as leading paper industry customers react to industry initiatives and share insights into their business drivers and future consumer demand.

Panelists include:

* James F. Conway III, Chairman & CEO, Courier Corporation
* Guy Gleysteen, Senior Vice President, Production, Time Inc.

Both expert panels will open with a dialogue then address audience questions and respond to audience surveys and polling. New industry research will supply additional material for the discussion.

"The program will feature a two-part series of discussions to examine the most important current and future business issues from the perspective of both the industry and our customers," said American Forest & Paper Association (AF&PA) President and CEO Donna Harman.

Newell Holt, CEO of the NPTA Alliance (NPTA), added, "In order to provide a unique and interactive experience, the format will allow the audience to provide electronic feedback to our expert panelists in real time."

Paper2010 is an innovative new approach to providing paper industry leaders with a comprehensive look at opportunities and challenges across the value chain from the manufacturer, to the merchant, to the customer. By combining forces and bringing together our major annual events, AF&PA and the NPTA have created a single new convention that allows paper industry leaders to gather more intelligence, make more connections, and generate more business than ever before.

Visit www.paper2010.com for the complete schedule of events and additional information on attendee registration, becoming an official suite holder and advertising in the Paper2010 Convention Daily.

Members of the press who are interested in attending Paper2010 should contact Carlton Carroll at +1 202-463-2587 or This email address is being protected from spambots. You need JavaScript enabled to view it.