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Rayonier Advanced Materials to acquire Tembec for $807 million; buoys Rayonier’s pulp capacity beyond current 485Kt of high purity cellulose and 245Kt of “commodity”

(Montreal, Canada, May 25, 2017) Rayonier Advanced Materials Inc. and Tembec Inc. today announced a definitive agreement under which Rayonier Advanced Materials will acquire Tembec, providing the combined company with leading and complementary positions in key high purity cellulose end-uses and diversified earning streams from packaging, paper, high-yield pulp and forest products businesses. With its expanded geographic reach, enhanced R&D capabilities and broader, more flexible asset base, the combined company will offer customers exceptional product breadth across the spectrum of high purity cellulose products and create additional growth opportunities in packaging and forest products.
The transaction received the unanimous approval of the Boards of Directors of both companies.
Tembec shareholders will have the right to elect to receive either (i) C$4.05 in cash or (ii) 0.2302 of a share of Rayonier Advanced Materials common stock, for each Tembec common share. These elections are subject to proration to ensure that no more than 63% of the aggregate Tembec shares shall receive the cash consideration and no more than 37% will receive the stock consideration.
The purchase price of approximately US$807 million, including the assumption of US$487 million of debt net of cash, represents a multiple of 4.6 times LTM pro forma EBITDA after expected synergies or 6.3 times before synergies. For Tembec shareholders, the purchase price per share represents a 37% premium to its closing price on May 24, 2017.
Maintaining Tembec’s operations and jobs in Canada and France
The Company expects to retain Canadian headquarters in Montreal, Québec and a presence in Ontario, and continue all Tembec operations. The Company will also proceed with Tembec’s recently announced four-year investment plan for its Québec facilities and make additional investments in other key facilities and operations to further enhance the Company’s growth potential and competitiveness.
“This transaction advances our growth objective to pursue strategic acquisitions where we can leverage our core competencies to provide significant long-term shareholder return,” said Paul Boynton, Chairman, President and Chief Executive Officer of Rayonier Advanced Materials. “By joining forces, we are diversifying our product offering in high purity cellulose and expanding into the adjacent packaging and forest products markets with significant scale. With pro forma revenue of US$2 billion, the combined company will be poised to compete effectively in any market, benefit from greater product and geographic diversity, and provide an attractive value proposition for our shareholders.”
Mr. Boynton added, “Following the transaction, our solid capital structure will enable us to make high-return investments to support the growth of Tembec’s attractive businesses and product development capabilities to better serve customers. We look forward to working with Tembec’s exceptional team, unions and other stakeholders to realize the abundant opportunities ahead.”
James Lopez, President and Chief Executive Officer of Tembec, said, “Rayonier Advanced Materials is the ideal partner for us, given the complementary nature of our products, expertise, and resources. They are committed to our operations and employees in Canada and France and — above all — to the values we share. This combination will enable us to sustainably grow our business for the benefit of our customers, employees and communities. We are pleased that our shareholders will be able to participate in the company’s future success through an ongoing equity ownership.”
Rayonier Advanced Materials intends to finance the cash portion of the transaction with a combination of cash on hand and committed bank financing. (Source: press release)
Cover Image: Paul Boynton (R), chairman, president and CEO of Rayonier Advanced Materials, and Tembec CEO James Lopez (L) shake hands following a news conference Thursday, May 25, 2017 in Montreal.

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(USA, Sept. 15, 2016) Sonoco today announced that it will raise the price for

Caraustar Introduces New On-Demand Packaging Ecommerce Site, Rapid-Pack

(USA, Sept. 13, 2016) Caraustar Consumer Packaging Group has introduced, a new ecommerce

Södra Breaks Ground for Pulp Mill Expansion Project at Mörrum

(Morrum, Sweden, Sept. 13, 2016) On Tuesday, the ground was officially broken for the

Mondi Hikes Price for All Brown Sack Kraft Paper Grades

(Johannesburg, S Africa, Sept. 13, 2016) Mondi recently informed its customers of a price

Sappi North America Announces Neoterix ST with Sharklet Bacteria-Inhibition Technology

(Boston, USA, Sept. 13, 2016) Sappi North America has entered into an exclusive, worldwide

KapStone Paper and Packaging to Invest $25 Million in Converting Assets

(Northbrook, Illinois, USA, Sept. 08, 2016) KapStone Paper and Packaging yesterday announced it is

Valmet to supply key technologies for Cheng Loong’s new board machine

(Helsinki, Finland, Sept. 12, 2016) Valmet will supply Cheng Loong Binh Duong Paper Company

Segezha Group’s revenue increased by 34 per cent to RUB 21.4 billion ($329 million) in 1H 2016

(Russia, Sept. 06, 2016) Segezha Group announces its unaudited consolidated IFRS results for the

Romania’s Vrancart eyes €14.7M investment

(Bucharest, Romania, Sept. 09, 2016) Romania’s cardboard maker Vrancart Adjud is aiming to acquire

Avery Dennison to strengthen pressure-sensitive manufacturing footprint; with $65 million Luxemburg investment

(Rodange, Luxembourg, Sept. 13, 2016) Demand for pressure-sensitive materials continues to grow in Europe.

Kyiv CPM to upgrade paper machine

(Kyiv, Ukraine, Sept. 09, 2016) Kyiv CPM has launched a modernization project of its

Hengan Starts Up Valmet-supplied Tissue Line in Wuhu, China

(Helsinki, Sept. 6, 2016) Valmet announced that an Advantage DCT 200HS tissue line supplied

Resolute’s Calhoun Tissue Operation on Track for First-Quarter 2017 Start-Up

(Calhoun, Tennessee, USA, Sept. 7, 2016) Resolute Forest Products today announced completion of commissioning

Caraustar Industries Acquires Los Angeles Paper Box

(USA, Sept. 6, 2016) Caraustar Consumer Packaging announced that it has acquired Los Angeles

DS Smith Completes Acquisition of Deku-Pack in Denmark; obtains €3.2M financing to develop Hungarian operations

(London, Sept. 5, 2016) DS Smith said that it has completed the acquisition of

Solenis to acquire Nopco Paper Technology

(Sept. 07, 2016) Solenis signed an agreement to acquire the shares in Nopco Holding

Sonoco-Alcore to increase prices for tubes & cores in Europe

(Belgium, Sept. 2, 2016) Sonoco-Alcore S.a.r.l. announced it will increase prices for paper-based tubes

NIB and Finnvera to finance Fibria’s eucalyptus pulp mill

(Sao Paulo, August 29, 2016) Loan agreement on a $225 million (Euro 199 million)

Andritz to deliver recycled paper plant and PM approach to Pro-Gest

(Graz, Austria, August 30, 2016) The paper machine is targeted to produce 550,000 tons

Hungary’s UgrinPack to expand, modernize plant

(Budapest, August 29, 2016) Hungary-based cardboard packaging maker Dunapack Kft has secured an investment

Supremex acquired Bowers Envelope Company

(USA, Sept. 01, 2016) Supremex Inc. has acquired substantially all of the assets of

Packaging Corp. of America Completes Acquisition of TimBar

(USA, August 30, 2016) Packaging Corporation of America (PKG) today announced that it has

SCA Integrates Its Business in the Middle East, India and Africa into Consumer Goods

(Stockholm, Sweden, August 22, 2016) SCA will integrate its Business Unit MEIA (Middle East,

SCA to Split Business into Two Listed Companies in 2017 — Hygiene And Forest Products

(Sweden, August 24, 2016) SCA is a leading global hygiene and forest products company.

Domtar to Acquire Home Delivery Incontinent Supplies Co. for $45 Million

(USA, August 18, 2016) Domtar Corporation today announced that it had agreed to purchase

Zanders Launches Flexible Oil and Grease Resistant Packaging Paper

(Germany, August 18, 2016) German specialty paper producer Zanders is launching the new oil

Resolute to Deploy Enzyme-Enabled Carbon Capture Technology at Saint-Félicien Pulp Mill

(Canada, Aug. 11, 2016) Resolute Forest Products Inc. today announced that it, along with

Ilim Group Signs Strategic Partnership with China’s Anhui Publishing Group

(Russia, August 12, 2016) Russian pulp and paper producer Ilim Group on July 22

Fortress Paper reported 2Q operating EBITDA of $6.3 million

(Montreal, Canada, August 10, 2016) Fortress Paper Ltd. reported 2Q 2016 operating EBITDA of

International Paper Moves Ahead with Acquisition of Weyerhaeuser’s Pulp Business

(Memphis, USA, Aug. 5, 2016) The U.S. Department of Justice has concluded its Hart-Scott-Rodino

Sappi Q3 profits significantly up for 3rd quarter ended June 2016; dissolving wood pulp prices seen remaining at high levels

(Johannesburg, South Africa, August 05, 2016) Highlights for the quarter --Profit for the period US$32

Mondi posts increased profit for 1H 2016 ended 30 June 2016

(Johannesburg, South Africa, August 04, 2016) Underlying operating profit for the half-year ended 30

Brazilian pulp major Suzano reports strong operating cash generation of R$ 723 million in 2Q16

(Brazil, Aug. 03, 2016) 2Q16 Highlights: --New records set for Revenue, Adjusted EBITDA and Operating

Resolute reports preliminary second quarter 2016 results; reports 4 per cent drop in 2Q sales

(Canada, Aug. 4, 2016) Resolute Forest Products Inc. today reported a GAAP net loss

Neenah Reports Record Second Quarter 2016 Results

(Alpharetta, GA., USA, August 03, 2016) Neenah Paper, Inc. (NP) today reported 2016 second

Holmen completes sale of Spanish newsprint mill to International Paper

(Sweden, June 30, 2016) Holmen announced that the sale of its newsprint mill in

(Image: courtesy DS Smith)
UK-based packaging major DS Smith acquires Creo Retail Marketing

(London, June 23, 2016) DS Smith on June 23 acquired Creo Retail Marketing Ltd

Capacities: Stora Enso to close and divest Suzhou paper mill

(Helsinki, June 15, 2016) Stora Enso has signed an agreement to divest the key

Andritz to supply two tissue machines to Guizhou Chitianhua in China

(Graz, Austria, January 26, 2016) Andritz said that it has received an order from