Suzano completes purchase of 15% stake in Lenzing AG
31.8.2024 01:40:00 EEST | Business Wire | Press release
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240830720660/en/
Contacts
Hawthorn Advisors
Jamie Plotnek
suzano@hawthornadvisors.com
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