In an effort to focus on water treatment business, GLV has signed an agreement to sell its pulp and paper division for more than EUR 45 million to a corporation owned by Richard Verreault, President and CEO, GLV, and Laurent Verreault, Executive Chairman, GLV Board.
Marc Courtois, Chairman, GLV’s Committee of Independent Directors, said, “The Board of Directors of GLV has been considering the sale of the Pulp & Paper Division for quite some time. Over the past years, GLV has solicited and received expressions of interest for the Pulp & Paper Division, none of which was superior to today’s proposed transaction. The sale of this Division represents an opportunity for GLV to become a pure water treatment company and utilize the net proceeds to redeploy in Ovivo’s higher growth opportunities"
In addition, GLV will change its name to Ovivo to reflect the company’s focus on water treatment products and solutions. Marc Barbeau who currently acts as President of the Ovivo division and Executive Vice President of GLV will be appointed as the President and Chief Executive Officer of the redefined business.
“There are several exciting growth opportunities available to Ovivo and our stronger financial position following this transaction will enable us to further expand our business. I am excited about my future role and look forward to continue to leverage the Ovivo platform to deliver value to our shareholders,” said, Marc Barbeau.
After closing of the transaction, Richard Verreault will step down from his role at GLV while Laurent Verreault will continue to act as Executive Chairman of the Board of Directors.
