Veritiv Completes Sale of Rigid Containers Business to TricorBraun
In a significant move to streamline its operations, Veritiv Operating Company has announced the signing of a definitive purchase agreement to sell its Rigid Containers business to TricorBraun. This strategic decision by Veritiv, recognized as a leader in specialty packaging distribution, aims to allow the company to concentrate its efforts on enhancing its core specialty packaging operations.
CEO Sal Abbate expressed the company's dedication to its employees and customers during this transition. "We made the decision to sell Veritiv's Containers business so that we can further focus on building our industry-leading capabilities in our core specialty packaging business," Abbate stated. He acknowledged the commitment and hard work of the Rigid Containers team, noting their significant contributions to Veritiv's success.
The Rigid Containers division, formerly known as All American Containers, has been a substantial part of Veritiv's portfolio. By moving this segment to TricorBraun, a company with a robust focus on rigid packaging solutions, Veritiv aims to ensure that this business can thrive in a more specialized environment. Abbate highlighted his confidence in the future of the Rigid Containers team, stating that their success will continue under TricorBraun's leadership.
The transaction is expected to close in the First Quarter of 2025, contingent upon regulatory approval. Veritiv will collaborate closely with TricorBraun during the transition period to ensure a seamless experience for employees, customers, and suppliers alike.
Goldman Sachs & Co. LLC acted as the financial advisor for this transaction, while Alston & Bird served as the legal advisor, helping to navigate the complexities of such an important business deal.
Veritiv, headquartered in Atlanta, has established itself as a comprehensive provider of packaging, jan-san, and hygiene products, along with printing and publishing solutions. With distribution centers throughout the United States and Mexico, Veritiv supports a diverse clientele across various industries. Through this sale, the company aims to enhance its capabilities and ultimately improve service delivery in its remaining business segments. For further details about Veritiv and its offerings, you can visit their official website at www.veritiv.com.
The sale of the Rigid Containers business aligns with Veritiv's long-term strategic goals, emphasizing its commitment to innovation and customer service in specialty packaging. As this transition unfolds, all eyes will be on Veritiv to see how this focused approach enhances its leading position in the marketplace.
CEO Sal Abbate expressed the company's dedication to its employees and customers during this transition. "We made the decision to sell Veritiv's Containers business so that we can further focus on building our industry-leading capabilities in our core specialty packaging business," Abbate stated. He acknowledged the commitment and hard work of the Rigid Containers team, noting their significant contributions to Veritiv's success.
The Rigid Containers division, formerly known as All American Containers, has been a substantial part of Veritiv's portfolio. By moving this segment to TricorBraun, a company with a robust focus on rigid packaging solutions, Veritiv aims to ensure that this business can thrive in a more specialized environment. Abbate highlighted his confidence in the future of the Rigid Containers team, stating that their success will continue under TricorBraun's leadership.
The transaction is expected to close in the First Quarter of 2025, contingent upon regulatory approval. Veritiv will collaborate closely with TricorBraun during the transition period to ensure a seamless experience for employees, customers, and suppliers alike.
Goldman Sachs & Co. LLC acted as the financial advisor for this transaction, while Alston & Bird served as the legal advisor, helping to navigate the complexities of such an important business deal.
Veritiv, headquartered in Atlanta, has established itself as a comprehensive provider of packaging, jan-san, and hygiene products, along with printing and publishing solutions. With distribution centers throughout the United States and Mexico, Veritiv supports a diverse clientele across various industries. Through this sale, the company aims to enhance its capabilities and ultimately improve service delivery in its remaining business segments. For further details about Veritiv and its offerings, you can visit their official website at www.veritiv.com.
The sale of the Rigid Containers business aligns with Veritiv's long-term strategic goals, emphasizing its commitment to innovation and customer service in specialty packaging. As this transition unfolds, all eyes will be on Veritiv to see how this focused approach enhances its leading position in the marketplace.
Topics Business Technology）
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