Cleary Gottlieb represented Svenska Cellulosa Aktiebolaget SCA (publ), a leading global consumer goods company and pulp and paper manufacturer, in various U.S. aspects of the spin-off of its hygiene and health businesses to form a newly listed company called Essity Aktiebolag (publ).
Both companies are now listed in Nasdaq Stockholm.
After the spin-off, Essity is now a leading global hygiene and health company that develops, produces and sells personal care and tissue products, while SCA will continue to focus on its pulp and paper manufacturing business.
The spin-off was completed and the shares of Essity began trading on Nasdaq Stockholm on June 15, 2017. Cleary also assisted SCA with the establishment of a Level 1 ADR program for Essity to facilitate the distribution of shares in Essity in the form of American depositary shares to U.S. investors as part of the spin-off.