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

  • Reuters
  • Stock Market News
BRIEF-Sappi Announces Proposed Acquisition Of Matane Mill From Rayonier Advanced Materials Group
Credit: © Reuters.

Aug 1 (Reuters) - Sappi Ltd SAPJ.J :

* 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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