Pixelle Specialty Solutions LLC (“Pixelle”), a leading manufacturer of specialty papers in North America, has signed a definitive agreement to acquire the carbonless rolls and security papers business of Appvion Operations, Inc.
The transaction is expected to close in April 2021 and will not include any Appvion production assets. Carbonless rolls formerly manufactured by Appvion will be manufactured by the Pixelle specialty papers mill in Chillicothe, OH, and security papers formerly manufactured by Appvion will be manufactured by Pixelle or Pixelle supply partners.
Commenting on the acquisition, Pixelle’s Chief Executive Officer Timothy Hess said, “As a leader in specialty solutions, Pixelle is well-positioned to incorporate this product portfolio into our business. Pixelle welcomes the opportunity to serve these customers, who we believe will benefit from our experience in providing these technically demanding grades.”
The acquisition expands the Pixelle product portfolio by building on Pixelle’s established brands of carbonless papers (ExcelOne® and Trans/Rite®) and adding DocuCheck® and DocuMark® security papers to Pixelle’s existing brand (Defensa®).
Pixelle was formed in 2018 by Lindsay Goldberg, a private investment firm that partners with business founders, families, and management teams to actively build their businesses. In its two-year history, Pixelle has built an industry-leading four-mill specialty paper platform with mills in Chillicothe, OH, Jay, ME, Spring Grove, PA and Stevens Point, WI. Lindsay Goldberg Affiliate Partner Steven Klinger, Executive Chairman of Pixelle, and his management team have more than 150 years combined experience in building high-performance paper businesses.
Commenting on the acquisition, Klinger said, “A key component of Pixelle’s strategy is to take actions that result in customers viewing Pixelle as an active, valued partner in growing customers’ businesses. Doing that well has developed Pixelle into the market leader it is today and enabled Pixelle to make acquisitions like this one. Pixelle is a great example of how we invest in, partner with, and actively build businesses.”
Tronox Holdings plc, the world’s leading integrated manufacturer of titanium dioxide pigment, announced that it has entered into a long-term power purchase agreement with NOA Group, an integrated energy utility, for ~497GWh of total contracted energy anticipated to be served by plants with capacity in excess of 200MW of renewable wind and solar power through fixed and flexible arrangements to Tronox’s mines and smelters in the Republic of South Africa. The Company anticipates the project should be fully implemented by the end of 2027 and is expected to reduce Tronox’s total Scope 1 & 2 greenhouse gas emissions by an incremental 12% globally. “NOA is extremely excited to partner with Tronox in delivering on their long term decarbonization strategy through an innovative product which blends both wind and solar generation to optimize renewable energy penetration,” remarked NOA’s Chief Executive Officer, Karel Cornelissen.
HIGHLIGHTS • Pulp sales of 2,797 thousand tons (+5% vs. 3Q21). • Paper sales³ of 331 thousand tons (-2% vs. 3Q21). • Average net pulp price in export market: US$821/ton (+25% vs. 3Q21). • Average net paper price3 of R$6,905/ton (+40% vs. 3Q21). • Pulp cash cost ex-downtime of R$883/ton (+24% vs. 3Q21). • Leverage ratio declines to 2.1 times in USD and 2.2 times in BRL, despite the investment cycle. • Cerrado Project completes 31% of physical progress and 24% of financial progress
Massimo Reynaudo has been appointed President and CEO of UPM-Kymmene Corporation as of 1 January 2024. Jussi Pesonen will continue as the President and CEO until 31 December 2023, after which he will work as an advisor to the Company and its management until he will retire from UPM on 30 April, 2024. Massimo Reynaudo has been with UPM since 2017. Reynaudo is an Italian citizen and was born in 1969. He is currently Executive Vice President, UPM Communication Papers. Prior to that, he served as Senior Vice President of UPM Raflatac from 2017 to 2021. Earlier in his career, between 1995 and 2017, he held several senior positions at Kimberly-Clark Corporation. He has a master’s degree in engineering from Politecnico di Torino and additional studies in business administration and management. “Massimo has an excellent international background and a very solid track record at UPM as an engaging change leader. Both in UPM Raflatac and in UPM Communication Papers, he has driven positive change of the businesses, renewed the commercial strategy and built high-performing teams to improve the performance of each business. He has a clear vision of how to continue value creation through UPM’s Biofore strategy. I wish Massimo the best of success in his new demanding role,“ says Henrik Ehrnrooth, Chair of the Board of UPM.