Georgia-Pacific Completes Acquisition of Buckeye Technologies Inc.
For decades, Georgia-Pacific products have been a part of life at home and away from home, and now we will have a presence in many new and exciting products that may surprise you.
Georgia-Pacific has completed the acquisition of Buckeye Technologies Inc., which we announced in April. The acquisition was valued at approximately $1.5 billion, including debt.
Georgia-Pacific acquired all of the outstanding stock of Buckeye Technologies and now owns its five manufacturing facilities, global sales offices and headquarters. As Buckeye becomes a wholly owned subsidiary, former Buckeye employees (approximately 1,200) are now Georgia-Pacific employees.
Specialty fibers and nonwovens made by teams at these operations are found in products such as LCD screens, high-performance tires, sausage casings, thickeners for food, pharmaceutical and industrial applications and filtration.
Jim Hannan, CEO and president of Georgia-Pacific, said “We are very pleased to welcome the talented Buckeye employees to our company. They, along with Buckeye Technologies’ assets, innovation capabilities, advanced technologies, and specialty fibers and nonwovens businesses, provide a significant platform for continued growth and success for our cellulose and consumer products businesses.”
“We are excited to finalize the acquisition,” said John Crowe, chairman and CEO, Buckeye Technologies. “This combination will be very good for a lot of people. Many Buckeye employees will have more opportunities; customers will have more options; community members will continue to have a company with a record of contributing in communities where they operate and, of course, shareholders get a very nice return.”
Read more about the details here.