Veritiv is to be the name for a new publicly traded distribution giant once the merger between xpedx, a business of International Paper, and Unisource Worldwide, complete their merger first announced in January 2014.
The name Veritiv, according to the companies, comes from the roots of three words: Verity, Active and Connective. Common stock of the new company is expected to trade on the New York Stock Exchange under the symbol VRTV.
“Veritiv will meet and exceed our customers’ expectations by providing them with the end-to-end print, packaging, facility and logistic solutions they need to make their key business operations more efficient and more sustainable,” stated Mary Laschinger, who will serve as Veritiv’s chairman and CEO.
The company will begin operating under the name Veritiv and will introduce its new branding and logo immediately after the closing of the transaction, which is expected to occur early in the third quarter of 2014.
Upon completion of the merger, which is being facilitated through a Reverse Morris Trust structure, the new company will have projected annual revenues in the range of $9 billion to $10 billion and will have approximately 9,500 employees across more than 170 distribution centers in North America. The combination is expected to generate approximately $150 million to $225 million in annual net synergies.