Billerud, Korsnäs to Merge
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Billerud AB and in Investment AB Kinnevik, Sweden, this week announced the merger of Billerud and Korsnäs AB. The new company, BillerudKorsnäs, will become a leading virgin fiber-based packaging materials and packaging solutions company with an annual turnover of approximately SEK 20 billion ($2.9 billion),
Kinnevik will receive SEK 2.7 billion ($403 million) in cash consideration and will be the largest owner in the new company with an ownership stake of 25.1%. Billerud's largest owner, Austrian Frapag Holding, supports the transaction and will be the second largest owner with 15.7%. Per Lindberg, current CEO of Billerud, will be CEO and president of the new company. Christer Simrén, Korsnäs' current CEO, will be VP and COO.
"Together with Korsnäs, we are looking forward to creating a leading player within packaging materials with a solid platform for future growth. It is a transaction with both industrial and a financial logic where the combined company will be very well positioned. Together we will be able to offer our customers a better and broader range of products. Korsnäs is the leader within its product areas which complements the product areas of Billerud and jointly the BillerudKorsnäs offering of smarter packaging solutions will be strengthened," says Per Lindberg, president and CEO of Billerud.
"Billerud and Korsnäs hold leading positions in renewable packaging materials niches that complement each other well. Together the companies will become a unique player with the ability to create innovative and leading packaging solutions for a growing and environmentally conscious global market," says Christer Simrén, president and CEO of Korsnäs.
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