Nov. 27, 2006 - International Paper today announced that it has agreed to sell its corrugated packaging businesses in the United Kingdom (Thrapston and Winsford plants) and Ireland (Ashbourne plant) to SAICA, one of the leading operators in the European packaging market, headquartered in Zaragoza, Spain.

IP expects to complete the deal within the next 30 to 60 days, subject to signing a fully negotiated purchase agreement that will be subject to normal closing conditions, as well as to approval by both companies’ board of directors.

“We are committed to growing our corrugated business in Europe,” said Paul Brown, vice president of International Paper’s European container business. “However, we have to make choices as to where to focus our efforts.”

SAICA operates five production centres and seven paper machines in France and Spain, as well as 33 box plants in Spain, Portugal, Italy and France.

SOURCE: International Paper