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Case Studies

Mergers & Acquisitions

Post-Merger Integration of two pulp and paper companies

Applied Value was recruited to guide the merger between two pulp & paper companies. A common (and comparable) OPEX and headcount baseline was established to identify 13 MEUR in synergistic functions.


Two pulp and paper companies asked Applied Value to take on the role of an independent advisor in the post-merger integration phase. Applied Value was asked to compare each company’s functional operating model to identify which model to apply in the newly merged company. Applied Value was also asked to establish a common baseline and facilitate, anchor, and implement synergies in each function.


Applied Value sourced data and performed quality controls locally with the mills and HR. To compare the two companies, a total re-classification of functions and job roles was performed. Similarly, to establish a common baseline, we remapped OPEX and headcount to easily benchmark efficiency. Lastly, Applied Value operated synergy workshops with key stakeholders to identify further improvement opportunities.


Applied Value established  a common (and comparable) OPEX and headcount baseline and identified 35 MEUR in synergies, 30 MEUR of which had bottom-up stakeholder buy-in. A reported run-rate synergy of 13 MEUR was realized within the first three months of the integration.

13 MEUR million EUR

realized synergies

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