International Paper Completes the Sale of Its India-based Printing Paper Business
Oct. 30, 2019 - International Paper today announced that it has completed the sale of its controlling interest (21,873,521 shares) in International Paper APPM Limited, an India-based printing paper business, to West Coast Paper Mills Limited for approximately $85 million. International Paper intends to pursue suitable alternatives to divest its remaining 20% ownership interest (7,954,008 shares) in APPM. In May of this year, IP announced an agreement to sell its controlling interest in International Paper APPM. At that time, Mark Sutton, Chairman and CEO of IP, said, “As part of our strategic assessment of the IP portfolio, we have decided to exit our position in IP APPM. This decision is a reflection of our continued focus on growing our global packaging and cellulose fibers businesses.” International Paper (NYSE: IP) is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa and Russia. Headquartered in Memphis, Tennessee, IP employs more than 52,000 colleagues. Net sales for 2018 were $23 billion. To learn more, visit: internationalpaper.com. SOURCE: International Paper |