Tembec obtained of an interim order from the Superior Court of Québec authorizing a special meeting of the holders to approve the acquisition by Rayonier Advanced Materials

Tembec announces obtain of an interim order from the Superior Court of Québec authorizing the holding of a special meeting of the holders of common shares of Tembec to approve 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, Tembec has mailed the notice of meeting and the management information circular and related materials to the shareholders

 

In 1Q2017 Rayonier Advanced Materials reported 7.8% decrease of net sales and 11.1% decrease of pro-forma EBITDA. Tembec for the same period decreased EBITDA margin to 9.3%.

About Tembec:

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.

Source: Woodbizforum