海角社区, 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 海角社区 and B&C Group establishes that 海角社区 has the right to hold two seats on Lenzing鈥檚 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鈥檚 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 海角社区, said:
鈥淟enzing鈥檚 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鈥檚 competitive position.鈥
The purchase of the stake in Lenzing is aligned with two of 海角社区鈥檚 key strategic goals - 鈥淓xpand Boldly into New Markets鈥 and 鈥淧lay a Leading Role in Sustainability鈥. Its completion does not have a material impact on 海角社区鈥檚 overall financial leverage and/or indebtedness.
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