DOCSLIB.ORG

Restructuring Verso Paper Corp

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Restructuring Verso Paper Corp Restructuring Verso Paper Corp. May 3, 2012 Jordan Flowers As prepared for: Martin M. Saravia Laconi Prof. Laura Resnikoff Thomas Silva Turnaround Management Elizabeth Adams Columbia Business School Boris Vaisman 1 Restructuring Verso Paper Corp. Table of Contents EXECUTIVE SUMMARY .......................................................................................................................4 INDUSTRY ..........................................................................................................................................6 MARKET TRENDS .......................................................................................................................................... 6 COMPETITIVE LANDSCAPE ............................................................................................................................... 8 COMPANY .......................................................................................................................................11 HISTORY & BUSINESS DESCRIPTION ................................................................................................................ 11 MANUFACTURING PROCESS & VALUE CHAIN ................................................................................................... 13 PRODUCTS ................................................................................................................................................. 14 MANAGEMENT TEAM .................................................................................................................................. 15 SHAREHOLDER PROFILE ................................................................................................................................ 16 RECENT FINANCIAL PERFORMANCE ................................................................................................................ 17 SEGMENT OVERVIEW ................................................................................................................................... 19 CURRENT CAPITAL STRUCTURE ...................................................................................................................... 21 VALUATION .....................................................................................................................................26 DISCOUNTED CASH FLOW ANALYSIS ............................................................................................................... 26 Weighted Average Cost of Capital (WACC) ........................................................................................ 29 Sensitivity Analysis ............................................................................................................................. 30 COMPARABLE COMPANIES’ ANALYSIS ............................................................................................................. 30 ACQUISITION MULTIPLES ANALYSIS ................................................................................................................ 31 HISTORICAL TRADING PRICES ........................................................................................................................ 32 LIQUIDATION ANALYSIS ................................................................................................................................ 33 PLAN OF REORGANIZATION (“POR”) ................................................................................................. 33 2 Restructuring Verso Paper Corp. OPERATIONAL RESTRUCTURING ..................................................................................................................... 33 BALANCE SHEET RESTRUCTURING .................................................................................................................. 36 DISTRIBUTION OF VALUE & RECOVERY ANALYSIS .............................................................................................. 39 APPENDIX ........................................................................................................................................43 3 Restructuring Verso Paper Corp. EXECUTIVE SUMMARY Since its spinout from International Paper in 2006 and subsequent IPO in 2008, Verso Paper Corp. (“Verso” or “the Company”) has encountered a litany of industrial, financial, and operational challenges. The paper manufacturing industry—and particularly the coated paper industry—has faced strong secular headwinds in the form of declining demand due to the increased adoption of digital media. The Company is harmfully overleveraged, and management has only committed to “kicking the can down the road” with exchange offers and maturity extensions. Finally, the operational strategy has been focused around low-growth, low margin products and has missed opportunities to compete in more robust segments, such as corrugated paper. Under the current capital structure and declining earnings power, our “status-quo” scenario analysis indicates that the Company will become insolvent by 2014. The purpose of this report is to provide a two-pronged Plan of Reorganization (“POR”) to Verso’s Board of Directors, which we believe will strengthen the Company operationally and restore it to financial health. 1. Operational Restructuring – The operational restructuring would be realized by adding corrugated paper manufacturing capabilities to the Company’s four existing paper machines. The conversion process would require capital investment of $10 million per machine. The capacity shift toward corrugated paper—and away from coated/freesheet paper—creates an opportunity to capture demand in a growing market segment and to diversify the Company’s product mix. All together this should provide greater and less volatile income streams. 4 Restructuring Verso Paper Corp. 2. Balance Sheet Restructuring – The recapitalization plan simplifies the capital structure, lowers the Company’s debt burden, and rebalances the debt/equity mix for greater financial health. The proposed capital structure for the Company consists of (i) New Secured Debt of $270 million, equivalent to 1.8x LTM EBITDA, and (ii) New Senior Unsecured Debt of $475 million, equivalent to 3.2x LTM EBITDA. This results in $745 million of total debt at 5.0x LTM EBITDA, versus current total debt of 8.8x LTM EBITDA. In addition, we plan to maintain a revolving credit facility of $200 million, undrawn at the close of the restructuring, which will provide additional liquidity for working capital. Under the restructuring operating case the equity of the Company following the recapitalization is $537 million, which represents 42% of the estimated enterprise value. The proposed POR provides for the full recovery of existing Senior Secured creditors, the Second Priority Senior Secured creditors and the Senior Subordinated Notes. The recovery for the Senior Unsecured Term Loan is just under par. With an estimated enterprise value of $1,282 million, the current equity holders will be wiped out, and therefore are likely to be the most critical of our proposal. The above plan will strengthen the company operationally and provide steadier earnings power. The concurrent reduction in debt obligations will increase cash flow that may be reinvested or distributed to shareholders. Furthermore, we believe our recommendations come at a crucial time when the Board is preparing to welcome new CEO Dave Paterson to the Company. Mr. Paterson is familiar with the recent bankruptcies of competitors NewPage and AbitibiBowater, and we would advise him to enact these changes at Verso in order to avoid a similar outcome. 5 Restructuring Verso Paper Corp. INDUSTRY Market Trends Despite decreased demand in certain segments, the overall market for paper and packaging products has seen increased acquisition activity. International Paper acquired Temple Inland, which recently undertook efforts to increase the earnings of its corrugated box plants. Rock Tenn acquired Smurfit-Stone Container Co, the second largest producer of linerboard. These show the industry leaders working to gain more exposure to the corrugated packaging segment, which shows the most potential for growth. Technology has played a large role in decreasing demand for many paper segments, but it has actually had positive effects on the corrugated segment as the rise in e-commerce has increased the need for shipment containers for goods purchased online. 1 The recent consolidation of corrugated container producers displayed below demonstrated the strategic consolidation the industry has taken in order to capitalize on this growth segment. 1 Standard & Poor’s Industry Survey Paper & Forest Products, Stuart J. Benway CFA, Paper & Forest 6 Restructuring Verso Paper Corp. In a measure of the industries negative outlook on more traditional paper segments, many companies in the sector have been tested with capacity management issues given decreasing demand. The annual capacity survey of domestic paper manufacturers, conducted by the American Forest & Paper Association published in March 2011, showed that US paper and paperboard capacity declined 3.1% in 2010 to 91.1 million tons. This continued a trend of declining capacity as production capability fell 1.1% per year on average from 2001 to 2010.2 In a survey of the industry outlook for 2012 conducted by Deutsche Bank industry professionals supported this view with over 65% of the respondents anticipating a decline in volumes of the uncoated free sheet paper segment, 74% predicting a decline in the coated papers segment, and 71% seeing
Load more

Recommended publications
  • The Manufacture of Paper
    /°* '^^^n^ //i,- '^r. c.^" ^'IM^"* *»^ A^ -h^" .0^ V ,<- ^.. A^^ /^-^ " THE MANUFACTURE OF PAPER BY R. W. SINDALL, F.C.S. CHEMIST CONSULTING TO THE WOOD PULP AND PAPER TRADES ; LECTURER ON PAPER-MAKING FOR THE HERTFORDSHIRE COUNTY COUNCIL, THE BUCKS COUNTY COUNCIL, THE PRINTING AND STATIONERY TRADES AT EXETER HALL, 1903-4, THE INSTITUTE OF PRINTERS ; TECHNICAL ADVISER TO THE GOVERNMENT OF INDIA, 1905 AUTHOR OF "paper TECHNOLOGY," " THE SAMPLING OF WOOD PULP " JOINT AUTHOR OF " THE C.B.S. UNITS, OR STANDARDS OF PAPER TESTING," " THE APPLICATIONS OF WOOD PULP," ETC. WITH ILLUSTRATIONS, AND A BIBLIOGRAPHY OF WORKS RELATING TO CELLULOSE AND PAPER-MAKING ^^RlFFeo^ ^^ ^, 11^ OCT 3 11910 ^^f-40 ^\^c> A BU\ lo\' NEW YORK D. VAN NOSTRAND COMPANY 23 MURRAY AND 27 WARREN STREETS 1908 By trassf»r trom U. S. Tariff Boarri 1012 /(o'?'<Q / PREFACE •Papee-making, in common with many other industries, is one in which both engineering and chemistry play important parts. Unfortunately the functions of the engineer and chemist are generally regai^dedi •a&n.inelepejident of one another, so that the chemist ife^o^ify e^llfeS-iii-hy the engineer when efforts along the lines of nlecTianical improvement have failed, and vice versa. It is impossible, however, to draw a hard and fast line, and the best results in the art of paper-making are only possible when the manufacturer appreciates the fact that the skill of both is essential to progress and commercial success. In the present elementary text-book it is only proposed to give an outline of the various stages of manufacture and to indicate some of the improvements made during recent years.
    [Show full text]
  • Science Lesson Plan (Early Childhood) by Whitney Whitehair Lesson: Sorting “Good” Junk (Recycling) Length: 60 Minutes Age Or
    Science Lesson Plan (Early Childhood) By Whitney Whitehair Lesson: Sorting “Good” Junk (Recycling) Length: 60 minutes Age or Grade Level Intended: Second Grade Academic Standard(s): SCIENCE 2.1.7 Recognize and describe ways that some materials — such as recycled paper, cans, and plastic jugs — can be used over again. Performance Objective(s): Given 5 pictures of recyclable material, the student will write the name of the object into the column on the worksheet with 60 percent of their answers correct. (3 out of 5 blanks) Given 5 pictures of recyclable material, the student will describe one use for the recyclable materials with 100 percent completion. Assessment: Students will be assessed on the worksheet in the second column for accuracy of their answers based on the 5 recyclable materials. The third column will be assessed on completion based on the idea for a re-use of the material that is given. Students will be assessed on completion for the item because the answers are based on opinion and will vary because there is no “right” or “wrong” answer. Advance Preparation by Teacher: Just a Dream by Chris Van Allsburg For the class: trash bag; various “trash” materials such as soft drink cans, milk cartons (plastic and cardboard), toilet paper tubes, paper towel tubes, yarn, frozen dinner trays (plastic), newspaper, plastic juice drink jugs, fabric scraps, felt, ice cream tubs, egg cartons, pop tabs, old nuts and bolts, wood scraps (small pieces); computer paper boxes o (items from each section aluminum, cardboard, plastic, paper, glass) Labels 5 different large tubs Prepare a bag of trash for the students.
    [Show full text]
  • INTERNATIONAL PAPER COMPANY (Exact Name of Registrant As Specified in Its Charter)
    Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _____________________________________________________ FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2012 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 1-3157 INTERNATIONAL PAPER COMPANY (Exact name of registrant as specified in its charter) New York 13-0872805 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 6400 Poplar Avenue Memphis, Tennessee (Address of principal executive offices) 38197 (Zip Code) Registrant’s telephone number, including area code: (901) 419-7000 _____________________________________________________ Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, $1 per share par value New York Stock Exchange _____________________________________________________ Securities Registered Pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • 4Th Quarter 2013
    February - 2014 4th Quarter 2013 Inside the Issue A Letter From Our Chairman Peter Masias ● A Letter from the Corporate Director of Safety & Risk Management Conference Green Bay Packaging Chairman - 2 ● 2014 Safety What a Great Year PPSA Members! and Health Conference - 3 With the New Year in full swing, we wanted to provide you with the most ● 2014 Conference up-to-date safety information. Inside this quarterly report, you will find the End of Year Speakers - 4 Injury and Illness Statistics reports. If you have questions regarding the reports, please let ● OSHA Newsletter - 7 us know. ● For the Life of a Friend - 8 PPSA is currently in the middle of planning our 71st Annual Conference in St. Petersburg, ● Red Wing Shoe Florida at the Viony Resort June 22-25 (www.ppsa.org/14conference.) This year the Recall - 10 conference theme is The Flaming Cs of Safety. Attendees can expect some HOT topics ● Safety Flash Near Miss to include individual commitment and the importance of developing a caring culture, new - 11 control methods celebrating safety innovations, and life changing injuries and how to focus ● GHS Update - 14 on the high risk areas. ● Executive Eagle Award Information - 16 In addition to our upcoming conference, PPSA is pleased to welcome three new board members - Hazel A. Ladner, Regional Safety and Health Manager for North America at ● Executive Eagle Award MeadWestVaco, Steve Gearheart, Safety Director at Hartford City Paper, and Eric Barnes, Nomination Form - 17 Regional EHS Manager for International Paper. Be sure to welcome Hazel, Steve and Eric ● Safety Innovator Award at the June Safety and Health Conference.
    [Show full text]
  • Durability of Paper and Writing
    Proceedings of the International Conference Durability of Paper and Writing November 16–19, 2004, Ljubljana, Slovenia Organized in the frame of the EC 5th Framework Programme projects MIP, Papylum and InkCor Proceedings of the International Conference Durability of Paper and Writing November 16–22, 2004, Ljubljana, Slovenia Editors: Jana Kolar, Matija Strlic and John B. G. A. Havermans Published by National and University Library, Ljubljana, Slovenia, 2004 CIP - Kataložni zapis o publikaciji Narodna in univerzitetna knjižnica, Ljubljana 7.025.3/.4:676.2(063)(082) 7.025.3/.4:667.4/.5(063)(082) 676.017(063)(082) INTERNATIONAL Conference Durability of Paper and Writing (2004 ; Ljubljana) LjuProceedings of the International Conference Durability of Paper and Writing, November 16-19, 2004, Ljubljana, Slovenia / [editors Jana Kolar, Matija Strlic and John B. G. A. Havermans]. - Ljubljana : National and University Library, 2004 ISBN 961-6162-98-5 1. Durability of paper and writing 2. Kolar, Jana 216440320 Durability of paper and writing 7 MIP – NOT JUST A EUROPEAN NETWORK John Havermans TNO, Delft, The Netherlands e-mail [email protected] 1. Introduction Within the applied research and applications we have three theme groups. Networking of communities of researchers, infrastructure owners and users is one of the important In our network we see the conservation of objects instruments the European Commission DG Research is divided in two parts. Active and Preventive conser- offering in order to establish co-operation and co- vation, while active conservation is split in the chemical ordination between existing facilities, researchers, end- and physical aspects. users, industrialists, manufacturers and designers.
    [Show full text]
  • 364-US Proofs and Essays
    364th SALE UNITED STATES PROOFS and ESSAYS Sold by order of various owners AT PUBLIC AUCTION Wednesday, January 7th, 1970 at 1:00 P. M. 10 EAST 52nd STREET NEW YORK, N. Y. 10022 Tel.: 212 PLaza 3-6421 CONDITIONS OF SALE 1. The terms of sale are strictly cash to the highest bidder. All buyers are expected to pay for lots within three days of receipt, unless special arrange­ ments have been made prior to the sale. 2. All bids are per lot as numbered in the catalogue and not per piece, unless otherwise announced by t he auctio neer at the time of sale. 3. Any lot, the description of which is incorrect is returnable, but only within three days of receipt. All disputed lots must be returned intact as received and lots containing five or more stamps are not returnable at any time. No lots may be returned by purchasers who have had the opportunity to examine them prior to the sale. No illustrated lots may be returned because of center­ ing, margins or other factors shown in the illustration. 4. Successful mail bidders, unless they are known t o us or supply acceptable references, will be notified of the amount of the lots secured for them, and are expected to send payment in full before the lots are forwarded. 5. If the purchase price has not been paid within the time limit, or lots taken up within seven days from date of sale, they may be resold and any losses arising from such sale charged to the defaulter.
    [Show full text]
  • Business Guide to Paper Reduction
    University of Montana ScholarWorks at University of Montana Graduate Student Theses, Dissertations, & Professional Papers Graduate School 2002 Business guide to paper reduction Heather Sarantis The University of Montana Follow this and additional works at: https://scholarworks.umt.edu/etd Let us know how access to this document benefits ou.y Recommended Citation Sarantis, Heather, "Business guide to paper reduction" (2002). Graduate Student Theses, Dissertations, & Professional Papers. 1721. https://scholarworks.umt.edu/etd/1721 This Thesis is brought to you for free and open access by the Graduate School at ScholarWorks at University of Montana. It has been accepted for inclusion in Graduate Student Theses, Dissertations, & Professional Papers by an authorized administrator of ScholarWorks at University of Montana. For more information, please contact [email protected]. Maureen and Mike MANSFIELD LIBRARY The University of Montana Permission is granted by tiie author to reproduce this material in its entirety, provided tiiat this material is used for scholarly purposes and is properly cited in published works and reports. ••Please check "Yes" or "No" and provide signature** Yes, I grant permission No, I do not grant permission Author's SignaturéTTl^^ Date-./ylr,^ ^i.Poc::X Any copying for commercial purposes or financial gain may be undertaken only with the author's explicit consent. 8/98 BUSINESS GUIDE TO PAPER REDUCTION by Heather Sarantis B.S. University of Maryland, 1993 presented in partial fulfillment of the requirements to the degree of Mastas of Science The UnivCTsity of Montana May 2002 Approved by: Chairperson Dean, Graduate School s-oiô-o-z Date UMl Number: EP34195 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent on the quality of the copy submitted.
    [Show full text]
  • Deutsche Bank Paper Conference London 14 November 2007
    DEUTSCHE BANK PAPER CONFERENCE LONDON 14 NOVEMBER 2007 AGENDA Strategic Overview Growth Markets Financials PAGE 1 AGENDA Strategic Overview Growth Markets Financials PAGE 2 MONDI AT A GLANCE merchant /newsprint South Africa Sales H1 €1.7B €1.0B €0.2B €0.3B 2007 (1) Products z No. 1 Kraft Paper(2) z No. 1 Office Paper(2) z No. 1 Corrugated z No. 1 Newsprint in z No. 2 Kraftliner(2) z No. 2 UCWF(2) Packaging in SA(3) South Africa(2) Positions z No. 1 Bag Converting(3) z No. 1 Rigid Plastics in SA z Leading Positions in in Europe (5) z No. 3 Corrugated Emerging Europe Packaging(4) z No. 1 in Cartonboard in SA - . (1) Segment revenues, including inter-segment revenues, excluding associates. (2) Based on production capacity. (3) Based on sales. (4) Management estimate based on sales. Sources: RISI, Pöyry Forest Industry Consulting, Freedonia, BMI Foodpack, PAMSA, Mondi PAGE 3 MONDI STRATEGIC DRIVERS Mondi Group sales H1 2007 Mondi group net operating assets June 2007 { Leading market position 39% — Leading market positions 45% 55% — High exposure to: 61% – Attractive product segments – Attractive geographies Emerging markets Mature markets Emerging markets Mature markets { Strong asset base — Upstream production cost advantages – 100% of kraftliner and 91% of universal office paper in lowest cost quartile Indicative Position 2010 — Vertically integrated Mondi Group operating assets Mondi Group sales – Up to 51% self-sufficient low cost wood 30% { Focus on performance 40% — Comprehensive Business Excellence 60% 70% Programmes Emerging markets Mature markets Emerging markets Mature markets — Continuous cost reduction and productivity improvement { Growth — Organic and through acquisition PAGE 4 UCWF and Corrugated demand growth per region Corrugated 2005 - 2010 demand growth (in UCWF 2006 - 2011 demand growth (in %)1 %)2 9,8 8,2 6,6 1,8 1,3 WE EE CIS WE EE Demand growth in %.
    [Show full text]
  • United States District Court Northern District of Illinois Kleen Products
    Case: 1:10-cv-05711 Document #: 65 Filed: 11/08/10 Page 1 of 65 PageID #:401 UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF ILLINOIS KLEEN PRODUCTS LLC; R.P.R. ENTERPRISES, INC.; MIGHTY PAC, Case No. 1:10-cv-05711 INC., FERRARO FOODS, INC.; FERRARO FOODS OF NORTH CLASS ACTION CAROLINA, LLC; DISTRIBUTORS PACKAGING GROUP, LLC; RHE CONSOLIDATED AND AMENDED HATCO, INC.; THULE, INC.; and COMPLAINT FOR VIOLATION OF THE CHANDLER PACKAGING, INC, SHERMAN ACT individually and on behalf of all those similarly situated, JURY TRIAL DEMAND Plaintiff, v. PACKAGING CORPORATION OF AMERICA; INTERNATIONAL PAPER; CASCADES CANADA, INC; NORAMPAC HOLDINGS U.S. INC.; WEYERHAEUSER COMPANY; GEORGIA PACIFIC LLC; TEMPLE- INLAND INC.; TIN INC.; and SMURFIT-STONE CONTAINER CORPORATION Defendants. Case: 1:10-cv-05711 Document #: 65 Filed: 11/08/10 Page 2 of 65 PageID #:402 Index Nature of the Action.........................................................................................................................3 Jurisdiction and Venue.....................................................................................................................5 Parties...............................................................................................................................................6 Co-Conspirators .............................................................................................................................11 Class Action Allegations................................................................................................................11
    [Show full text]
  • Download Our Glossary
    GLOSSARY take great pride in making our clients feel confident about their jobs during the production process. To help you gain a better understanding of what’s happening to your project, we’ve compiled a glossary of terms that we commonly use in our industry. A B C D E F G H I J K L M N O P R S T U V W X Y Abrasion Resistance The resistance to scratching of a surface of paper by other paper surfaces or other materials. Absorbency The ability of a material to take up moisture AC Author's Correction Accordion Fold A type of paper folding in which each fold runs in the opposite direction to the previous fold creating a pleated or accordion affect. Acetate A transparent or translucent plastic sheet material of a variety of colors, used as a basis for artwork and overlays. Achromatic The non-colors... black, white and gray. Acid Resist An acid-proof protective coating applied to metal plates prior to etching designs thereon. Bichromated solutions employed in photoengraving as sensitizers provide acid resist through the action of light on sensitized surface. Acrylic A water-soluble polymer used in paints to make them dry both tough and flexible. Actinic Rays Light exposure that affects chemical changes in paper. Additive Colors In photographic reproduction, the primary colors of red, green and blue which are mixed to form all other colors. Aerate This refers to a manual process whereby an air stream is blown onto paper sheets to create a riffling effect that separates the sheets as they are fed to the printing press.
    [Show full text]
  • An Industry Analysis with Special Reference to Indian Paper Industry
    International Journal of Business Management & Research (IJBMR) ISSN 2249-6920 Vol. 2 Issue 4 Dec2012 67-84 © TJPRC Pvt. Ltd., AN INDUSTRY ANALYSIS WITH SPECIAL REFERENCE TO INDIAN PAPER INDUSTRY A.LAKSHMANA RAO Asst. Professor, University of Petroleum & Energy Studies, Dehradun, India. ABSTRACT Paper Industry is one of the ancient industries in India. The present study made a thorough research on the growth and progress of Indian paper industry and revealed some of the interesting facts about the Indian Paper Industry. The study initially starts with the scenario of Indian Paper Industry in pre-liberalization period and then proceeds towards its state in post-liberalization period. The paper has bifurcated into various segments in connection with Indian Paper Industry. The research revealed the reasons for slow growth rate, challenges and problems faced by Indian Paper Industry. Finally, the paper sums up with prospects and a brief SWOT analysis on Indian Paper Industry. KEYWORDS : Growth, Pre and Post-Liberalization Period, Challenges, Problems, SWOT and Prospects INTRODUCTION The word paper is derived from the “Latin” word “Papyrus” and from French “Papier”, Paper is basically composed of vegetable fibers mattered together to form into sheets. “Payprus” is a kind of grass material. Papyrus is an aquatic plant which grew in abundance in the delta of the Nile in Egypt. In an understandable language it means a sheet formed by the composition of vegetable, mineral, animal or synthetic fibers or mixtures with or without the addition of other substances into liquid vapour, or gas so that the fibers are intermeshed together. Paper consumption is used as basic measure of civilization.
    [Show full text]
  • Case M.8096 - INTERNATIONAL PAPER COMPANY / WEYERHAEUSER TARGET BUSINESS
    EUROPEAN COMMISSION DG Competition Case M.8096 - INTERNATIONAL PAPER COMPANY / WEYERHAEUSER TARGET BUSINESS Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 20/10/2016 In electronic form on the EUR-Lex website under document number 32016M8096 EUROPEAN COMMISSION Brussels, 20/10/2016 In the published version of this decision, some C(2016) 6844 final information has been omitted pursuant to Article 17(2) of Council Regulation (EC) No 139/2004 PUBLIC VERSION concerning non-disclosure of business secrets and other confidential information. The omissions are shown thus […]. Where possible the information omitted has been replaced by ranges of figures or a general description. To the Notifying Party Dear Sir/Madam, Subject: Case M.8096 – International Paper Company / Weyerhaeuser Target Business Commission decision pursuant to Article 6(1)(b) of Council Regulation No 139/20041 and Article 57 of the Agreement on the European Economic Area2 (1) On 15 September 2016, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which International Paper Company ("IP", United States) will acquire sole control over the pulp business of Weyerhaeuser Company ("WTB", United States) within the meaning of Article 3(1)(b) of the Merger Regulation, by way of purchase of assets and shares (hereafter the "Transaction"). IP are designated hereinafter as the 'Notifying Party' and together with WTB 'Parties' to the proposed transaction. 1. THE PARTIES (2) IP is a packaging and paper company with manufacturing operations in North America, the EEA, Latin America, Russia, Asia and North Africa.
    [Show full text]