Boise's sale to PCA casts shadow over employees, corporate hub, brand name
On Monday, Boise Inc Chief executive Alexander Toeldte said the recent sale of Boise Inc. to Packaging Corp. of America (PCA) for an aggregate transaction value of USD1.995 billion would only be making a fewer cuts as opposed to what industry observers would have expected. PCA, as per agreement, would also be absorbing USD714 million of Boise's debt.
Touting the outcome of the sale as a big step to create a "premier packaging company," Toeldte told US newspaper the Idaho Statesman, "This creates a really strong company that will be very well-positioned to compete." Toeldte however, was not sure what his or the corporate's hub would be, but he expressed with high hopes that the corporate hub, including Boise's brand name would be retained. A spokeswoman, on the other hand, said that change in the corporate headquarters of Boise would most likely be significant.
In a joint statement by both Boise and PCA, Packaging Corp. CEO Mark Kowlzan said, "We look forward to working with the employees of Boise as we integrate our businesses. "I am confident that together, we will achieve significant operating benefits."
The acquisition of Boise would be finalized in the fourth quarter of this year. Aulin also said that the impacts of the acquisition would not be made known until the end of this year.