Veritiv Corporation announced that it will begin “regular way” trading on the New York Stock Exchange (NYSE) under the symbol VRTV on July 2, 2014. The new company was formed by the combination of xpedx and Unisource Worldwide, Inc., which was completed earlier today. Mary Laschinger, Veritiv CEO and chairman, will ring the opening bell at the NYSE July 2.
As a leading North American business-to-business distribution company, Veritiv provides its customers with superior service, innovative and value-added products, and enhanced technology and business solutions. With approximately 9,500 team members in more than 170 distribution centers across North America, Veritiv provides the end-to-end print, packaging, facility and logistics solutions customers need to make their business operations more efficient and sustainable. Projected 2014 revenue for the combined company is in the $9 to $10 billion range.
“We are pleased to have completed this transaction and look forward to executing on our commitment of delivering to our customers innovative products and excellent service that meets and exceeds their expectations,” said Laschinger. “Veritiv will continue to be a market leader thanks to our experienced team of distribution professionals and our substantial geographic reach. We look forward to completing our integration and bringing together our terrific employees who will ultimately drive our success. Our Board, leadership team and employees are excited about the future of the combined company.”
"Completing this transaction marks a very significant step for Veritiv, as it makes the transition from being two separately managed businesses to an independent public print, packaging, facility and logistics solutions business,” said Seth Meisel, a Managing Director at Bain Capital and a member of the Veritiv Board of Directors. “We look forward to working with Mary and the leadership team to realize the significant benefits of uniting these two organizations and to align Veritiv's substantial combined resources to deliver even more value added solutions for customers.”
Pursuant to the transaction agreements, Veritiv completed its separation from International Paper Company (NYSE: IP). Immediately thereafter, UWW Holdings, Inc., the parent company of Unisource Worldwide, Inc., merged with and into Veritiv. In connection with the transactions, Veritiv issued 16 million shares, with approximately 51% distributed to International Paper shareholders and approximately 49% issued to the sole stockholder of UWW Holdings, Inc.