PRN: Georgia-Pacific Receives Binding Offer for EMEA Business
Georgia-Pacific Receives Binding Offer for EMEA Business
ATLANTA, November 10, 2011 /PRNewswire/ --
Georgia-Pacific LLC announced today that it has received a binding offer from SCA to acquire the Georgia-Pacific EMEA business. Acceptance of this offer is subject to consultations with works councils where appropriate and to customary closing conditions, including regulatory clearances from competition authorities. The offered price is euro 1.32 billion ($1.8 billion).
The proposed transaction includes Georgia-Pacific's consumer and away-from-home tissue paper products and personal care businesses and manufacturing assets across Europe, including leading consumer brands as well as away-from-home and private label products developed, manufactured, marketed and sold by 5,000 employees. In the proposed transaction, SCA has agreed to hire all current Georgia-Pacific EMEA employees.
Jim Hannan, CEO and president, Georgia-Pacific LLC, said, "Georgia-Pacific employees in Europe have worked hard over the last few years to make significant improvements in the business. We believe SCA would be acquiring an excellent business with talented 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 America and Europe.