As per the EUR 230 million agreement, Suzano now holds two seats on Lenzing’s Board and has the option to acquire an additional 15 percent stake from B&C Group until the end of 2028. The B&C Group now holds 37.25 percent of Lenzing’s share capital.
Sep 15, 2024
Suzano, the world’s largest pulp producer, has announced the completion of its acquisition of a 15 percent stake in Lenzing AG, a leading global supplier of sustainable premium cellulosic fibres for the textile and non-wovens industry, from B&C Group.
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As per a release issued by Suzano, the transaction, announced in June this year and valued at EUR 230 million, was subject to regulatory approval, which was granted without restrictions.
The long-term partnership between Suzano and B&C Group established that Suzano had the right to hold two seats on Lenzing’s Board and the option to acquire an additional 15 percent stake from B&C Group until the end of 2028. Following the sale of the 15 percent stake, B&C Group now held 37.25 percent of Lenzing’s share capital.
Talking about the acquisition, Beto Abreu, CEO, Suzano, said, “Lenzing’s unparalleled track record of innovation and best-in-class technology make it a global leader in developing sustainable solutions from wood. With this transaction, we intend to build our expertise in the textile market and identify how we can help strengthen the company’s competitive position.”
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The purchase of the stake in Lenzing aligned with two of Suzano’s key strategic goals – ‘Expand Boldly into New Markets’ and ‘Play a Leading Role in Sustainability’. Its completion did not have a material impact on Suzano’s overall financial leverage and/or indebtedness, added the release.
