In Montreal, Québec Superior Court has approved the acquisition of Tembec by Rayonier Advanced Materials.
Rayonier Advanced Materials produces high-purity cellulose with the capacity to produce 485,000 tons of high purity cellulose and 245,000 tons of commodity products annually. It employs approximately 1,200 people and reports revenue of $870 million. Tembec is a manufacturer of forest products such as lumber, paper, pulp and high purity cellulose. Tembec has approximately 3,000 employees and annual sales of approximately C$1.5 billion.
The deal has already been approved by Germany’s Federal Cartel Office. The United States Department of Justice and the Federal Trade Commission have notified Rayonier Advanced Materials and Tembec that the Hart-Scott-Rodino premerger notification waiting period was terminated. Applications for clearance from the applicable regulatory authorities in Canada and China, respectively, are pending. The companies expect the deal to close in the fourth quarter.