Global hygiene and forest products company SCA and its Australian partner, Pacific Equity Partners (PEP), have decided to float their joint venture in Australia, New Zealand and Fiji on the Australian Securities Exchange. A draft of the prospectus for the initial public offering (IPO) has been submitted to the Australian Securities and Investment Commission (ASIC). The listing of the joint venture Asaleo Care (formerly SCA Hygiene Australasia) on the ASX is scheduled to take place in late June or early July 2014.
SCA intends to retain a significant shareholding in Asaleo Care. The group currently owns 50% of the company. The stock market floatation will dilute SCA’s holding in the company. SCA’s ownership is expected to be approximately 33% following the IPO.
Asaleo Care manufactures and markets consumer tissue and Away-from-Home (AfH) tissue, diapers, feminine care products and incontinence products. Leading brands include TENA, Tork, Sorbent, Libra and Treasures. In 2013, the company reported net sales of AUD 625m (approx. SEK 3.9 billion) and an operating profit of AUD 97m (approx. SEK 610m). The company has about 1,050 full-time employees.
SCA to launch IPO for Australian JV