G-P Receives Binding Offer from SCA to Acquire its EMEA Business
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Georgia-Pacific, Atlanta, Ga., USA, today reported that it has received a binding offer from SCA to acquire the Georgia-Pacific EMEA business. Acceptance of the 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 EUR 1.32 billion ($1.8 billion).
The proposed transaction includes G-P'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 G-P EMEA employees.
Jim Hannan, CEO and president, Georgia-Pacific, said that "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."
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