Unisource, xpedx to be Renamed Veritiv After Merger
xpedx, a business of International Paper and Unisource Worldwide, have announced that they have chosen the name Veritiv for the leading distribution solutions company that will be created upon completion of their merger. The name Veritiv comes from the roots of three words: “verity,” meaning true, and “active” and “connective.” Common stock of the new company is expected to trade on the New York Stock Exchange under the symbol VRTV.
“The name of our combined company reflects the core strength of our new organization—our commitment to deliver with excellence and shape our customers’ success,” said Mary Laschinger, who will serve as Veritiv’s chairman and CEO. “Veritiv will meet and exceed our customers’ expectations by providing them with the end-to-end print, packaging, facility and logistic solutions they need to make their key business operations more efficient and more sustainable. We look forward to completing the transaction and leveraging Veritiv’s broad geographic reach, extensive product offerings and differentiated and leading service platform.”
As previously announced, Unisource and xpedx have agreed to merge to create a leading North American business-to-business distribution company. The company will begin operating under the name Veritiv and will introduce its new brand/logo immediately after the closing of the transaction, which is expected to occur early in the third quarter of 2014, upon satisfaction of the remaining closing conditions.
Upon completion of the merger, which is being facilitated through a Reverse Morris Trust structure, the new company will have projected annual revenue in the range of $9 to $10 billion and will have approximately 9,500 team members across more than 170 distribution centers in North America. The combination is expected to generate approximately $150 million to $225 million in annual net synergies.
About Unisource Worldwide
Unisource Worldwide, headquartered in Norcross, GA, helps enterprise-level companies improve bottom-line performance by providing innovative, sustainable, highly efficient solutions across the life cycle of core business operations, including product packaging and fulfillment, paper and print management, general supply chain and logistics, and facility supplies solutions. Unisource has offices and operations in key locations around the world, and is currently ranked as one of the largest privately held companies in the United States. With a global workforce of approximately 4,300 team members located throughout business units in the United States, Canada, Europe and Asia; and more than 17 million square feet of supply chain capacity and a fleet of “Big Red” trucks based at approximately 90 warehouse locations across North America, Unisource is a partner to many of today’s leading global organizations.
About xpedx
Cincinnati-based xpedx, a business of International Paper (NYSE: IP), is one of the largest business-to-business distribution companies in North America. xpedx distributes a wide variety of printing, packaging, and facility supplies and equipment to printers, manufacturers, retailers and commercial facilities from locations across North America.
About International Paper
International Paper (NYSE: IP) is a global leader in packaging and paper with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include industrial and consumer packaging and uncoated papers. Headquartered in Memphis, TN, the company employs approximately 70,000 people and is strategically located in more than 24 countries serving customers worldwide. International Paper net sales for 2013 were $29 billion.
Source: xpedx and Unisource.
