To Our Partners, Investors, Employees and Friends:
We are pleased to announce that Atlas Holdings LLC has signed a definitive agreement with MeadWestvaco Corporation (NYSE: MWV) to purchase MWV’s network of global media and entertainment packaging businesses, subject to certain closing conditions. Completion of the transaction is expected on September 30, 2010, at which time we will provide more details about the transaction and our plans for the businesses, which operate under the names AGI Media, AGI Amaray and AGI Polymatrix.
The AGI businesses specialize in innovative packaging for Blu-ray discs, DVDs, music and video games and have approximately 1,450 employees. Principal operations are in the United States, United Kingdom, Austria, France, Ireland, Germany, Poland, The Netherlands and Australia.
This acquisition reflects Atlas’ investment strategy of purchasing and successfully transitioning divisions of a larger corporate parent into strong, independent companies. Our more than a decade of experience in the packaging industry strengthens our confidence in this acquisition and enhances our ability to realize synergies among our companies.
When complete, this transaction will represent the fifth major acquisition by Atlas and our companies in the past two years. Earlier this year, we formed Bridgewell Resources LLC and acquired the assets, systems and intellectual property of three niche trading and distribution divisions of North Pacific Group, Inc., with interests in a variety of sectors, including telephone and utility poles, crane mats, hardwood lumber and panel products, and specialty foods and agricultural products. Also this year, Northern Pulp Nova Scotia Corp. acquired 475,000 acres of Nova Scotia forestland from Neenah Paper, Inc. In 2009, we added both the Othello Group wheel blast and surface preparation equipment company and the RedBuilt engineered wood products and building systems company to our portfolio.
We are excited about acquiring the AGI businesses and welcoming their employees into the Atlas family. We look forward to telling you more about AGI in the weeks ahead.