Mergers, acquisitions and alliances from around the world: 14 June 2011
This week’s M&A activity is headed by PaperlinX’s appointment of a new independent non-executive director plus FINAT's appointment of a new president Kurt Walker.
PaperlinX new non-executive director
Due to his strong financial background, PaperlinX Limited has appointed Tony Clarke as an independent non-executive director on its Board.
David Meiklejohn, Chairman of PaperlinX Limited says the Board is delighted to welcome Clarke. “His experience of working in the European paper and packaging industry will be particularly valuable to PaperlinX.”
Clarke has held a number of senior finance positions including chief financial officer of Amcor Europe and finance director of Pacifica Group. He was also recently involved in the financial restructuring of Centro Properties.
Kurt Walker appointed new president of FINAT
FINAT, the worldwide association representing the interest of the self-adhesive labelling industry, announces that Kurt Walker has been appointed its new president.
Walker says the new presidency will entail no change in strategy, “our buzzwords are still 'continuity with flexibility', and we remain committed to forecasting future directions and preparing for them, as well as responding to present change issues."
Previously FINAT vice-president and membership committee member, Walker will take over the presidency from Andrea Vimercati for the next two years.
He says legislation and sustainability issues don't stop at country borders, and while “FINAT must be the 'central processor' in Europe, we will also reach out to other regional associations like TLMI (US), JFLP (Japan), LATMA (Australia) and LMAI (India).”
International Paper still keen to acquire Temple-Inland
Global paper and packaging company, International Paper has announced its proposal to acquire all outstanding shares of packaging and building products company, Temple-Inland for $30.60 per share in cash.
Backed by UBS Investment Bank, International Paper's offer is contingent on appropriate documentation and regulatory approval, which International Paper believes can be obtained. The offer represents a 44% premium to Temple-Inland's price as of 6 June.
Though the Board of Temple-Inland unanimously rejected the proposal, International Paper expressed its continued interest in pursuing an acquisition via letter.
Alliance set to dominate Swiss print
Canon and Océ will combine their Switzerland-based printing operations to create the largest local printing presence, following the completion of the public offer of Canon for Océ outstanding common shares
According to Océ, the combined operation in Switzerland is better placed to generate sales, taking into account the significant indirect business and fierce competition in the local market place.
The Océ board of executive directors and the independent members of the supervisory board have approved the transaction.
Impending adjustment for Heidelberg’s supervisory board
Heidelberg’s supervisory board is set for a change with Lone Fønss Schrøder and Dr. Herbert Meyer to be put forward as members at the AGM on July 28, 2011.
Dr. Mark Wössner will resign as chairman of the board after the AGM as planned, and while planning to stay closely connected with Heidelberg, he will also resign as a member of the supervisory board for reasons of age. Also resigning from the board is Dr. Werner Brandt, at his own request
Wössner’s successor has been named as Robert J. Koehler, CEO of Germany-based SGL Carbon SE.
R.R. Donnelley to close another printing plant
Another closure for US-based R.R. Donnelley & Sons, with its Georgia printing facility set to close next month and affect 114 jobs.
The latest in a string of closures due to ‘changing market conditions’, it had already announced that other plants would shut down in several states, including Colorado, Indiana, Iowa and Wisconsin, according to various media reports.