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SCA floats its joint venture in Australia
On Monday, global hygiene and forest products company, SCA, successfully floated its joint venture, Asaleo Care, in Australia, New Zealand and Fiji on the Australian Securities Exchange (ASX). Trading in the shares will commence today (July 3rd.)
In early June, SCA and its Australian partner, Pacific Equity Partners, announced that an Initial Public Offering was planned for the joint venture Asaleo Care. The offering has been successful and from July 3rd the Asaleo Care share will be traded on the ASX.
After the IPO, SCA's holding in Asaleo Care will amount to approximately 32.5%.
Asaleo Care manufactures and markets consumer tissue and Away-from-Home tissue, nappies, feminine care products and incontinence care products. Brands include TENA, Tork, Sorbent, Libra and Treasures. In 2013, the company reported net sales of AUD 625m (approx. SEK 3.9bn) and operating profit of AUD 97m (approx. SEK 610m). The company has about 1,050 full-time employees.
TENA and Tork are SCA's leading global brands for incontinence products and AFH tissue, respectively. These two brands will continue to be owned by SCA but will be licensed to Asaleo Care for sales of products under these brands in Australasian markets.
3rd July 2014