UNVR - Univar Solutions Announces Pay-Down of Debt and Saccharin Case Settlement
DOWNERS GROVE, Ill., April 3, 2019 /PRNewswire/ -- Univar Inc. (NYSE: UNVR) ("Univar Solutions," or "The Company") today announced it has paid down debt following the recently completed divestiture of Nexeo's Plastics Business. Separately, the Company has reached an agreement to settle a previously disclosed case with the United States Department of Justice (the "DOJ") regarding saccharin.
As previously announced, on March 29, 2019, Univar Solutions divested its plastics distribution business to an affiliate of One Rock Capital Partners, LLC for $640 million, subject to customary closing adjustments. On April 3, 2019, cash proceeds of the transaction were applied to outstanding debt balances.
Additionally, Univar Solutions reached a settlement agreement in a previously disclosed case with the DOJ regarding entries of saccharin that allegedly transshipped from the People's Republic of China ("China") through the Republic of China ("Taiwan") and entered into commerce of the United States between 2007 and 2012. Under the settlement, Univar Solutions agreed to pay $62.5 million to fully resolve the matter. The Company does not admit any liability and the DOJ will dismiss the complaint in its entirety.
About Univar Solutions
Univar Solutions (NYSE: UNVR) is a leading global chemical and ingredient distributor and provider of value-added services to customers across a wide range of industries. With the industry's largest private transportation fleet and North American sales force, a vast supplier network, deep market and regulatory knowledge, world-class formulation and recipe development, unparalleled logistics know-how, and industry-leading digital tools, Univar Solutions is a committed ally to customers and suppliers, helping them anticipate, navigate, and leverage meaningful growth opportunities. Learn more at www.univarsolutions.com.
Forward-Looking Statements
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SOURCE Univar Inc.