Pyxus International is evaluating strategic alternatives to maximize value. As part of the process, the board of directors established a special committee of independent directors, which will be chaired by Martin R. Wade III.
The special committee will consider and assess a range of strategic, operational and financial alternatives, which may include a sale, recapitalization or other transaction, and will make related recommendations thereon to the full board.
Pyxus has retained Lazard and RPA Advisors as its financial advisors to assist with the strategic review process and Simpson Thacher & Bartlett LLP as legal counsel.
Pyxus previously initiated an evaluation of plans for a potential partial monetization of interests in its nontobacco subsidiaries and launched a global operations efficiency program with the aim to position the company for long-term success.
The company has not set a timetable for completion of the review and does not intend to disclose developments related to the process unless and until the company executes a definitive agreement with respect thereto or the board otherwise determines that further disclosure is appropriate or required.