GLV Completes Sale of Pulp and Paper Division

 

GLV, Montreal, Que., Canada, reports that its Pulp & Paper Division has now been sold to to 9027173 Canada Inc., a corporation owned by Richard Verreault, president and CEO of GLV, and Laurent Verreault, executive chairman of the board of GLV, both members of the founding family of GL&V.

 

A resolution approving the company’s name change from GLV Inc. to Ovivo Inc. was adopted as well. GLV as Ovivo Inc. will be entirely focused on its core water treatment business.

 

The final sale of the pulp and paper division was completed as scheduled on November 28. Richard Verreault will now be leaving the company entirely to focus on running the new standalone pulp and paper group. Laurent Verrault will stay on the new Ovivo’s board of directors. An earlier sale planned for September was delayed as the market deemed the $65 million price for the pulp and paper division to be too low, but a new bid of $67 million by the family has been deemed acceptable after others on the market had a chance to fairly bid for the company. 

 

GLV Group was founded in 1975 by Louis Laperrière and Laurent Verreault. Then called GL&V, it was a service and equipment provider for major manufacturers in the pulp and paper industry. GLV Pulp and Paper Group designs and markets equipment used in various stages of pulp and paper production, from pulp preparation to sheet forming and finishing. The group serves the global market with spare parts, rebuilds, upgrades, and optimization services for new and existing equipment.