Edition:
India

Sappi Announces Proposed Acquisition Of Matane Mill From Rayonier Advanced Materials Group


Thursday, 1 Aug 2019 

Aug 1 (Reuters) - Sappi Ltd ::PROPOSED ACQUISITION BY SAPPI OF MATANE MILL FROM THE RAYONIER ADVANCED MATERIALS GROUP.SAPPI CANADA ENTERPRISES SIGNS AGREEMENT TO BUY MATANE HIGH YIELD HARDWOOD PULP MILL IN CANADA FROM RAYONIER ADVANCED MATERIALS FOR $175 MILLION.MATANE HIGH YIELD HARDWOOD PULP MILL HAS A CAPACITY OF 270 000 TONS PER ANNUM OF HIGH YIELD HARDWOOD PULP.TRANSACTION REPRESENTS AN OPPORTUNITY TO INCREASE SAPPI'S PULP INTEGRATION FOR BOTH ITS NORTH AMERICAN AND EUROPEAN PACKAGING BUSINESSES.SAPPI WILL FUND ACQUISITION THROUGH INTERNAL CASH RESOURCES AND AVAILABLE DEBT FACILITIES.INCREASED PULP INTEGRATION TO LOWER CO'S COSTS OF PULP, REDUCE VOLATILITY OF EARNINGS THROUGHOUT PULP CYCLE AND PROVIDE CERTAINTY OF SUPPLY. 

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18 Nov 2019