GLV Shareholders Approve Sale of P&P Division, Name Change to Ovivo
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GLV Inc., Montreal, Que., Canada, this week announced that, following a special meeting of its shareholders, a resolution approving the sale of GLV's Pulp & Paper Division to 9027173 Canada Inc., a corporation owned by Richard Verreault, president and CEO of GLV, and Laurent Verreault, executive chairman of the board of GLV, was adopted by GLV shareholders. Furthermore, GLV announced that a resolution approving the name change from GLV Inc. to Ovivo Inc. was adopted by GLV shareholders.
"The board of directors of GLV is pleased that the shareholders have approved the sale of the Pulp & Paper Division and the change of name to Ovivo Inc.," said GLV EVP and Ovivo President Marc Barbeau. "GLV will now be entirely focused on its core water treatment business, and will benefit from a strong financial position to capitalize on growth opportunities going forward."
Subject to all customary closing conditions for the sale of the division being satisfied, it is expected that the corporation will proceed to close the sale of the division on or about November 28. A few weeks later, GLV will change its name to Ovivo Inc. to reflect its focus on water treatment products and solutions.
