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Essity

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Essity AB
Company typeAktiebolag
Nasdaq Stockholm: ESSITY A, ESSITY B
ISIN
IndustryConsumer goods
PredecessorSCA
FoundedJune 15, 2017; 7 years ago (2017-06-15)
Headquarters
Stockholm
,
Sweden
Area served
Worldwide
Key people
Jan Gurander (Chairman) Magnus Groth (CEO)
ProductsConsumer Goods, Health & Medical, Professional Hygiene
RevenueSEKm 147,147 (2023)
SEKm 16,607 (2023)
Total assetsSEKm 202,993 (2023)
Total equitySEKm 79,405 (2023)
Number of employees
36,000 (2023)
Footnotes / references
[1]

Essity AB is a Swedish hygiene and health company, with its headquarters in Stockholm, Sweden. The products portfolio contains one-use products such as tissue paper, baby diapers, feminine care (menstruation pads, etc.), incontinence products, compression therapy, orthopedics and wound care. Essity was a part of the hygiene and forest products company SCA until 2017, when the company spun off the hygiene operations that became listed as a separate company on Nasdaq Stockholm.

Essity has approximately 36,000 employees[citation needed] and net sales in 2023 amounted to EUR 13 billion.[3] The name Essity stems from the words essentials and necessity.

History

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Essity was formerly a part of the SCA group.[4]

SCA was founded in 1929 as a forestry company. In 1975, SCA acquired Mölnlycke AB, a western European producer of disposable hygiene products.

Zellstofffabrik Waldhof in Mannheim, origin of PWA and the Zewa brand

In 1995 they acquired the German paper and packaging company PWA, Papierwerke Waldhof-Aschaffenburg.

In 2001 the division Wisconsin Tissue of the United States company Georgia-Pacific Tissue was acquired.

In 2004 SCA acquired the tissue and hygiene products businesses of Carter Holt Harvey from International Paper.

In 2007, Procter & Gamble sold their European tissue business to SCA for €512 million ($672 million).[5]

In 2007 SCA acquired its first minority share in the Asian tissue company Vinda.

In 2011, it acquired the Brazilian Pro Descart for about R$114 million, with local brands Biofral and Drybaby. Later, it invested R$242 million in a plant in Jarinu, in the interior of São Paulo, consolidating the brands TENA and Tork.

In July 2012, the acquisition of Georgia Pacific's tissue operations, including the brand Lotus, was closed. The total price amounted to €1.32 billion.

In 2013 SCA became majority shareholder in Vinda.[6]

In 2015, SCA was the largest producer of tissue paper in the world.[7]

In August 2015 it was announced that SCA's hygiene operations and forestry operations were to be divided into two different divisions. A year later, 24 August 2016, the company announced that it intended to split the SCA into two separately listed companies. In December 2016 SCA announced the acquisition of BSN Medical, a company specializing in the areas of Compression Therapy, Wound Care and Orthopaedics. The purchase price amounted to €2740 million and included brands such as Jobst, Leukoplast, Cutimed, Delta Cast and Actimove. In 2017, SCA split off Essity as a separate company, and Essity listed on the Stock Exchange in Stockholm on June 15, 2017.[8]

At the General Annual Meeting 2024 Essity appointed Jan Gurander as new Chairman.[9]

Brands

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Competitors

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Essity is amongst the top 50 largest fast-moving consumer goods companies in the world[14] and some of its competitors are Unilever, Procter & Gamble, Georgia-Pacific, Kimberly-Clark, Sofidel, Unicharm Ontex, CMPC, Santher and 3M.[15]

Sustainability messaging

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Several initiatives have been launched to influence messaging around the sustainability of the Essity business model:

  • A science-based target for emissions reduction in line with climate science was approved in 2018.[16]
  • The company has qualified for inclusion in both the Dow Jones Sustainability World Index and Sustainability Europe Index, and has also been named industry leader in the household products sector.[17]
  • Company representatives participate in the Ellen MacArthur Foundation's "New Plastics Economy" initiative[18] and have committed to sustainability targets for packaging, for example that 85% of the company's packaging is to be manufactured from renewable or recycled material by 2025.[19]

Criticism

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Along with its supplier SCA, Essity was accused by Greenpeace of promoting unsustainable business practices aggravating global warming and mass extinction. Greenpeace claim that Essity "clearcuts some of Sweden's last remaining old-growth forests, wiping away habitats of threatened species and endangering the livelihood of indigenous communities".[20]

In late August 2022, Essity announced their intention to sue lockedout striking workers at a paper-mill in Kawerau, New Zealand, for ~NZ$580,000 because they began their strike an hour earlier than stated.[21] The strike began in early August over a pay dispute, and involved 145 workers.[22]

References

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  1. ^ "ESSITY A - Nasdaq Nordic". Retrieved 4 October 2023.
  2. ^ "ESSITY B - Nasdaq Nordic". Retrieved 4 October 2023.
  3. ^ Morris, Helen (2024-10-29). "Essity reports "record-high cash flow" in Q3 results". Tissue World Magazine. Retrieved 2024-11-28.
  4. ^ "Essity Listed on Nasdaq Stockholm". Nonwovens Industry Magazine - News, Markets & Analysis for the Nonwovens Industry. Retrieved 2019-12-17.
  5. ^ "P&G sells European tissue unit to Sweden's SCA". Reuters. 2007-03-12. Retrieved 2018-01-09.
  6. ^ "SCA to bid for control of Chinese tissue maker Vinda". Reuters. 2013-09-09. Retrieved 2019-12-17.
  7. ^ "Is tissue becoming a safe haven for the global pulp and paper industry? Global paper and board industry is in transition". paperindustryworld. 2015.
  8. ^ "SCA to become two listed companies: the forest products company SCA and the hygiene and health company Essity". SCA. 2017. Archived from the original on 2017-06-23. Retrieved 2017-01-09.
  9. ^ "Minutes from Essity's 2024 Annual General Meeting". 2024-03-21.
  10. ^ "Charmin rebrands to Cushelle". Mad.co.uk. January 25, 2010.
  11. ^ "JOBST Global". www.jobst.com.
  12. ^ "Leukoplast Global". www.leukoplast.com.
  13. ^ "Tork is part of Essity - Tork US". www.torkusa.com.
  14. ^ "The 50 largest FMCG / consumer goods companies in the world". 24 September 2018. Retrieved 2019-06-11.
  15. ^ "Sweden's Essity delivers on profit with price hikes, cost cuts". CNBC. Retrieved 2019-06-11.[permanent dead link‍]
  16. ^ "Science Based Targets". Retrieved 2019-06-10.
  17. ^ "Robecosam Industry Leader Report | 2018" (PDF). Retrieved 2019-06-10.
  18. ^ "Global Commitment Signatories". New Plastic Economu. Retrieved 2020-05-25.
  19. ^ "Essity Annual and Sustainability Report 2019". Retrieved 2020-05-25.
  20. ^ Glienicke, Angela (28 September 2017). "In pictures: the Great Northern Forest – beauty and destruction". Greenpeace UK. Retrieved 7 January 2020.
  21. ^ "Locked-out Purex employees threatened with $500,000 fine after strike". NZ Herald. Retrieved 2022-08-30.
  22. ^ Carroll, Melanie (2022-08-29). "Purex manufacturer makes $500k legal threat against workers, union says". Stuff. Retrieved 2022-08-30.
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