Veritiv Transitions Rigid Containers Business to TricorBraun
Veritiv Finalizes Sale of Rigid Containers Division
Veritiv Operating Company has announced a significant shift in its business strategy with the successful completion of the sale of its rigid packaging division, known as Veritiv Containers, to TricorBraun. This decision allows Veritiv to concentrate more effectively on its core specialty packaging operations.
CEO's Statement on the Transition
Sal Abbate, the Chief Executive Officer of Veritiv, expressed optimism about the future following this sale. He emphasized the importance of the transition for the teams involved: "We thank our Veritiv Containers team members for their hard work and commitment to Veritiv, and we wish them much success as part of TricorBraun. I am confident they will thrive with this opportunity, aligning with a company that has a strong focus on rigid packaging."
Transition and Support for Employees
Moving forward, Veritiv plans to collaborate closely with TricorBraun to facilitate a smooth transition. This includes ensuring that employees, customers, and suppliers experience a seamless integration during this change. Veritiv's dedication to supporting its teams through this transformation highlights the company's commitment to its personnel and overall business health.
Advisory Roles in the Transaction
The successful transaction was backed by strategic advice from Goldman Sachs & Co. LLC, which took on the role of financial advisor. Legal guidance was provided by Alston & Bird, who played a key role in navigating the regulatory and contractual aspects of the sale.
About Veritiv Operating Company
Veritiv, headquartered in Atlanta, stands out as a prominent provider of packaging solutions. The company not only specializes in packaging but also extends its services to JanSan, hygiene, print, and publishing products across diverse industries. With a solid presence in both North America and international markets, Veritiv maintains an extensive network of distribution centers primarily located in the U.S. and Mexico. This global reach is central to how Veritiv ensures the satisfaction and success of its customers.
Looking Ahead
This sale marks an important milestone for Veritiv as it seeks to enhance its strategic focus. By divesting non-core operations, the company aims to strengthen its position within the specialty packaging sector, which is characterized by innovation and a robust market demand. As Veritiv continues to adapt to industry trends, its core mission remains centered around delivering exceptional packaging solutions that meet the evolving needs of its clients.
Frequently Asked Questions
What did Veritiv sell?
Veritiv sold its rigid packaging division, previously known as Veritiv Containers, to TricorBraun.
Why did Veritiv sell its Containers business?
The sale allows Veritiv to refocus on its core specialty packaging operations, enhancing their capabilities in that area.
Who advised Veritiv during the sale?
Goldman Sachs & Co. LLC served as the financial advisor, while Alston & Bird acted as the legal advisor for the transaction.
What is Veritiv's main business focus?
Veritiv specializes in packaging solutions, along with providing services and products in JanSan, hygiene, and printing sectors.
How will the sale impact Veritiv employees?
Veritiv has committed to working closely with TricorBraun to ensure a smooth transition for employees affected by the sale.
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