CORRIGAN, TX—Three employees remain in critical condition and another is listed as fair at a nearby hospital following Saturday night's explosion at a mill here that injured seven people.
International Paper (IP) announced that distribution solutions businesses xpedx and Unisource Worldwide will merge under the terms of a definitive agreement that will result in the creation of a new publicly traded company.Upon the expected completion of the merger in mid-2014, the new company will have projected annual revenues in the $9 billion to $10 billion range, and will have about 9,500 employees across more than 170 distribution centers in North America.
MEMPHIS, TN—International Paper announced that distribution solutions businesses xpedx and Unisource Worldwide will merge under the terms of a definitive agreement that will result in the creation of a new publicly traded company. The agreements providing for the combination of the two businesses were signed by International Paper, parent company of xpedx, and by UWW Holdings, the holding company that owns Unisource and is owned by an affiliate of Bain Capital and by Georgia-Pacific, as well as certain of their affiliates.
Paper manufacturers have adopted several strategies to optimize coated and uncoated stocks for running on the emerging array of high-speed, continuous-feed, color inkjet presses. While some papers may need to be fine-tuned to run on individual brands of presses, an additional surface treatment may also be required with certain paper/press combinations, especially coated stocks.
For the most part, coated and uncoated offset papers run reasonably well on toner-based digital systems but, with inkjet, it's a whole different ball game. Inkjet inks have a high water content, and tend to soak into uncoated papers or sit up on coated papers where they may smear.
EVER SAT down to watch a NASCAR event? Many people can’t bear the thought of watching cars going around and around in a circle, as the criticism goes, and often the weekly race is about as exciting as watching freeway traffic. But for those who enjoy the pit strategy—such as the nuances of how to garner the slightest increase in horsepower—and feed off the melodrama that ensues when drivers invariably aggravate their fellow competitors by cutting them off, it’s a nice way to burn four hours on a Sunday afternoon. Even if you don’t care to watch auto racing and scoff at the idea
BITS AND PIECES EVEN THE greatest, most legendary sports coaches have suffered a loss in the big game. Bob Burton endured one on Halloween day, when his $50 a share offer was trumped by RR Donnelley (RRD), which cruised past the Cenveo commander with a $52.50-per-share bid that Stephanie Streeter was all too happy to see. We’ve all heard the adage that perception is reality; it’s been noted here (a.k.a. “Before You Go...” column) previously. Burton represents, in many minds, printing industry carpetbagging. He preys on the wounded animals, uses gimmicks to artificially stimulate their stock price, cuts production ranks razor thin to
BITS AND PIECES BRUCE DERON only wanted to recover some long-lost war medals he’d earned as an Air Force pilot during Vietnam. Thanks to Senator John McCain (R-AZ), Deron will be getting more recognition than he had expected. Deron, president of Waymart, PA-based SG Printing, had contacted McCain’s office inquiring about a way to replace his medals, which had been misplaced years ago during a move. McCain took a long look at Deron’s military record, verified the original citations and found there were other events where he should have been medaled for his actions, according to Deron’s son, Jason—the vice president of sales at
ATLANTA—Koch Forest Products, a subsidiary of Koch Industries, will pay $48 a share to acquire paper manufacturing giant Georgia-Pacific (G-P). Included in the transaction are all assets of G-P, including its North American and international consumer products segments, as well as its building products, packaging, paper and bleached board segments. The deal has an equity value of $13.2 billion and a total enterprise value of $21 billion. The price paid to shareholders represents a premium of 39 percent based on the closing price of G-P common stock on November 11. The transaction is not conditioned on financing. Debt financing has been secured by Koch through Citigroup.
NEW YORK—Georgia-Pacific announced that it is selling a controlling, 60 percent stake in its Unisource Worldwide paper distribution subsidiary to Bain Capital, a global private investment firm. Georgia-Pacific expects the transaction to result in roughly $850 million after-tax proceeds. Georgia-Pacific will retain 40 percent ownership of Unisource and will provide $170 million in seller financing. Net proceeds of the transaction will be used by Georgia-Pacific to reduce debt. As part of the transaction, which is expected to close during the fourth quarter of 2002, Georgia-Pacific will enter into a sale-leaseback agreement with third parties for certain real estate assets now owned by Unisource. These