Rayonier Advanced Materials announced announced that the Québec Superior Court issued a final order approving the previously announced proposed statutory arrangement under Section 192 of the Canada Business Corporations Act involving the acquisition by Rayonier Advanced Materials of all of the outstanding shares of Tembec.
According to the announcement, the transaction has already received clearance from Germany’s Federal Cartel Office,and the United States Department of Justice and the Federal Trade Commission have notified Rayonier Advanced Materials and Tembec that the Hart-Scott-Rodino premerger notification waiting period was terminated Applications for clearance from the applicable regulatory authorities in Canada and China, respectively, are pending.
In addition to court approval, the Transaction remains subject to other closing conditions, including receipt of regulatory approvals. It is expected that the Transaction will be completed in the fourth quarter of 2017.
The company is a manufacturer of forest products – lumber, pulp, paper and specialty cellulose. Its core operations are located in Canada and France. Annual sales total approximately CAD 1.5 billion. Tembec has around 3,000 employees.
About Rayonier Advanced Materials:
The company is the leading global supplier of high-purity, cellulose specialties natural polymers for the chemical industry. It engineers natural polymeric chemical chains to create dozens of customized high-purity performance fibers at its plants in Florida and Georgia. The company’s facilities can produce up to 675,000 metric tons of cellulose specialties products annually for use in a wide range of industrial and consumer products such as filters, cosmetics and pharmaceuticals. Upon completion of the previously announced strategic realignment of assets in Jesup, the company’s facilities will have the capacity to produce approximately 485,000 tons of cellulose specialties and approximately 245,000 tons of commodity products.