“We are pleased to have completed this transaction and look forward to executing on our commitment of delivering to our customers innovative products and excellent service that meets and exceeds their expectations,” said Mary Laschinger, Veritiv CEO.
Atlanta, Ga. and Loveland, Ohio (PRWEB) July 01, 2014
Veritiv Corporation, a leading distribution solutions company, today announced that it will begin “regular way” trading on the New York Stock Exchange (NYSE) under the symbol VRTV on July 2, 2014. The new company was formed by the combination of xpedx and Unisource Worldwide, Inc., which was completed earlier today. Mary Laschinger, Veritiv Chief Executive Officer and Chairman, will ring the opening bell at the NYSE tomorrow morning.
As a leading North American business-to-business distribution company, Veritiv provides its customers with superior service, innovative and value-added products, and enhanced technology and business solutions. With approximately 9,500 team members in more than 170 distribution centers across North America, Veritiv provides the end-to-end print, packaging, facility and logistics solutions customers need to make their business operations more efficient and sustainable. Projected 2014 revenue for the combined company is in the $9 to $10 billion range.
“We are pleased to have completed this transaction and look forward to executing on our commitment of delivering to our customers innovative products and excellent service that meets and exceeds their expectations,” said Laschinger. “Veritiv will continue to be a market leader thanks to our experienced team of distribution professionals and our substantial geographic reach. We look forward to completing our integration and bringing together our terrific employees who will ultimately drive our success. Our Board, leadership team and employees are excited about the future of the combined company.”
"Completing this transaction marks a very significant step for Veritiv, as it makes the transition from being two separately managed businesses to an independent public print, packaging, facility and logistics solutions business,” said Seth Meisel, a Managing Director at Bain Capital and a member of the Veritiv Board of Directors. “We look forward to working with Mary and the leadership team to realize the significant benefits of uniting these two organizations and to align Veritiv's substantial combined resources to deliver even more value added solutions for customers.”
Pursuant to the transaction agreements, Veritiv completed its separation from International Paper Company (NYSE: IP). Immediately thereafter, UWW Holdings, Inc., the parent company of Unisource Worldwide, Inc., merged with and into Veritiv. In connection with the transactions, Veritiv issued 16 million shares, with approximately 51% distributed to International Paper shareholders and approximately 49% issued to the sole stockholder of UWW Holdings, Inc.
Veritiv Corporation (NYSE: VRTV), with corporate offices in Atlanta, Ga. and Loveland, Ohio, is a North American leader in business-to-business distribution solutions. Serving customers across virtually every industry, Veritiv provides print, packaging, facility and logistics solutions that help shape the success of its customers across industries. Established in 2014 following a merger of International Paper's xpedx division and Unisource Worldwide, the company employs approximately 9,500 team members across more than 170 distribution centers throughout the U.S., Mexico and Canada. For more information about Veritiv and its business segments visit http://www.veritivcorp.com.
FORWARD LOOKING STATEMENTS
Certain statements in this press release regarding Veritiv Corporation (the “Company”) and the transactions to which it is a party may be considered “forward-looking statements,” such as statements relating to expectations for the combined company and the projected revenue for the combined company. These statements may also be identified by words such as “intend,” “expect,” “anticipate,” “will,” “implied,” “designed,” “assume” and similar expressions. These statements reflect the current views of the Company’s management and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. Factors which could cause actual results to differ include but are not limited to: (i) industry conditions, including but not limited to changes in the cost or availability of raw materials, energy and transportation costs, competition the Company faces, cyclicality and changes in consumer preferences, demand and pricing for the Company’s products; (ii) global economic conditions and political changes; and (iii) other factors that can be found in the Company’s press releases and filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. A registration statement relating to Veritiv common stock has been filed with the Securities and Exchange Commission. This release does not constitute an offer to sell or the solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. A prospectus related to Veritiv common stock can be obtained by contacting Veritiv at Veritiv Corporation, Attn: Investor Relations, 6285 Tri-Ridge Blvd., Loveland, Ohio 45140, Tel: (513) 965-2790, or by accessing the Securities and Exchange Commission’s website at http://www.sec.gov.