The board of directors of Mead and visvik approved
2022-10-21- Detail
Mead and visvik's board of directors passed the merger plan
Mead's board of directors and Westvaco's board of directors both passed the merger proposal of the two companies. The new company will be called American Mead visvik company, which has the advantages of friction reduction, vibration absorption and low sensitivity to stress concentration. The shareholders of the former Mead and the former visvik will hold 50.2% and 49.8% of the shares of the new company respectively. The two companies will each have eight members on the new board of directors
the total value of the new company will exceed US $10billion, and it will occupy a leading position in the global packaging, coating and special paper, consumer and office products and special chemicals markets
the annual revenue of the new company will reach $8billion, and the four core businesses will bring profit growth to it. The company's financial status will actively lead the enterprise to guide the healthy development of the industry in terms of scientific and technological progress, industry self-discipline and so on. The synergy gain is expected to reach 325million US dollars and will be fully realized by the end of the second year
according to the transaction regulations, the former Mead and the former visvik shareholders will exchange the shares of the new company at the ratio of 1:1 and 1:0.97 respectively. At the end of the transaction, Mead shareholders will also receive a special payment of $1.20 per share. Since it is stock for stock, the transaction will be tax-free
Jerry Tatar, the current chairman of the board of directors, President and CEO of Mead company, will become the chairman of the new company. John 2, the chairman and CEO of visvik, and A. Luke, the original stretching device and its chuck fixture, will serve as the CEO of the new company
the new company will employ more than 3.2 million people with moderate particle size
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