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The company was formed in November 2012 through the merger of Billerud AB and Korsnäs AB.In the 2012 merger, Billerud was the formal buyer. Korsnäs' owner, Investment Kinnevik AB, received a sum of SEK 3.2 billion as well as 25.1% of the votes in the new company and consequently became the largest owner in the merged BillerudKorsnäs. Behind the merger, was an ambition to become an internationally leading packaging manufacturer.
During the same year, BillerudKorsnäs acquired paper production facilities both in Jakobstad and Tervasaari, Valkeakoski, in Finland from UPM Kymmene. Valkeakoski was closed down and the paper machine for MG paper was moved to Skärblacka mill in 2017.In 2013, Kinnevik sold its shares in BillerudKorsnäs to pension firms AMF, Alecta and the Fourth Swedish National Pension Fund.In March 2022, BillerudKorsnäs completed its acquisition of the US-based coated paper company, Verso Corporation for $825m in cash. As a result of the acquisition, according to a press release in October 2022, the company changed its name from BillerudKorsnäs to Billerud "to cater to its international customers".
