Last March SCA confirmed it was considering a listing of its Australasian business, jointly owned by SCA and Pacific Equity Partners (PEP). The Australian’s business reporter Andrew White has now reported (19 May) that ‘the business is being marketed through Bank of America/Merrill Lynch, Citibank and Macquarie, in a deal that is said to value the maker of Handee paper towels, Sorbent toilet paper and Libra feminine hygiene products at $800m.’
According to Reuters, the joint venture, which was formed in 2011, employs about 1,250 of SCA’s total work force of 44,000 people. SCA Australasia, which turned over some $690 million in 2010, has operations in Australia, New Zealand and Fiji.
The float is mooted for late June or early July 2014.
White said the company’s name is being changed to Asaleo Care and it will be chaired by Harry Boon, who spent 28 years with the Ansell Group, latterly as its CEO from April 2002 to June 2004. He presently sits on a number of public company boards.