Suzano completes purchase of 15% stake in Lenzing AG
August 30 2024 - 6:40PM
Business Wire
Shares held by B&C Group were acquired for
EUR 230 million
Suzano, the world's largest pulp producer, today announces the
completion of its acquisition of a 15% stake in Lenzing AG, the
Vienna-listed leading global supplier of sustainable premium
cellulosic fibres for the textile and non-wovens industry, from
B&C Group. As announced in June this year, the transaction
value is EUR 230 million (or EUR 39.70 per share). The agreement
was subject to regulatory approval, which was granted without
restrictions.
The long-term partnership between Suzano and B&C Group
establishes that Suzano has the right to hold two seats on
Lenzing’s Board and the option to acquire an additional 15% stake
from B&C Group until the end of 2028. Following the sale of the
15% stake, B&C Group now holds 37.25% of Lenzing’s share
capital.
Lenzing is a leading global supplier of premium wood-based
cellulosic fibers (lyocell, modal, and viscose) for the production
of clothing, home textiles, hygiene products, and non-woven
materials.
Beto Abreu, CEO of Suzano, said:
“Lenzing’s unparalleled track record of
innovation and best-in-class technology make it a global leader in
developing sustainable solutions from wood. With this transaction,
we intend to build our expertise in the textile market and identify
how we can help strengthen the company’s competitive position.”
The purchase of the stake in Lenzing is aligned with two of
Suzano’s key strategic goals - “Expand Boldly into New Markets” and
“Play a Leading Role in Sustainability”. Its completion does not
have a material impact on Suzano’s overall financial leverage
and/or indebtedness.
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version on businesswire.com: https://www.businesswire.com/news/home/20240830720660/en/
Hawthorn Advisors Jamie Plotnek suzano@hawthornadvisors.com
Suzano (NYSE:SUZ)
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