August 23, 2013
Georgia-Pacific is excited to announce an agreement to acquire Buckeye Technologies Inc., a leading manufacturer and marketer of specialty fibers and nonwoven materials made from wood and cotton. Based in Memphis, Tenn., Buckeye Technologies is a quality organization that will help us grow our business and continue our efforts to offer innovative, quality products to our customers.
The acquisition will provide our GP Cellulose® business a complementary product portfolio aligned with our strategy to operate in the growing specialty pulp business. In addition, Buckeye Technologies’ talented employees, innovation capabilities and advanced technologies will provide us with a significant platform for continued growth and success.
The acquisition includes all outstanding common stock of Buckeye Technologies, as well as its five manufacturing facilities, global sales offices and approximately 1,200 employees. The company’s manufacturing assets include a specialty pulp mill at Perry, Fla.; cotton cellulose mills at Memphis, Tenn., and Lumberton, N.C.; and mills producing nonwovens at Mt. Holly, N.C., and Steinfurt, Germany. The company also has global sales offices in Beijing, the United Kingdom, France, Italy and Switzerland.
This announcement demonstrates our philosophy for making long-term, strategic investments in areas where we can add value for our customers and our company.
We look forward to completing this transaction and expect it to close later this year, subject to regulatory approvals and other closing conditions.