International Paper Agrees to Sell Carolina Coated Bristols Brand to MWV

Carolina is a coated bristols brand used in a variety of applications like greeting cards, book covers and marketing collateral.

March 31, 2015 - International Paper today announced it has reached a definitive agreement with MeadWestvaco Corporation (MWV) to sell the Carolina® coated bristols brand.

The sale is expected to close April 30, 2015.

Terms of the deal were not disclosed.

International Paper's decision to sell the Carolina brand was a result of its plans to convert the Riegelwood North Carolina Mill to 100 percent fluff and softwood pulp production, thereby eliminating the manufacturing capability to produce the brand.

"We recognize that Carolina is a leading brand valued by our merchants, printers, graphic designers and other customers," said Mike Amick, senior vice president, North America Papers & Pulp and Consumer Packaging. "MWV has a long history producing coated bristols for the commercial print market and we view them as a strategic fit to acquire the Carolina brand."

Carolina is a coated bristols brand used in a variety of applications like greeting cards, book covers and marketing collateral.

International Paper's coated paperboard and printing papers businesses are strategic to the company's global portfolio.

"The sale of Carolina captures the brand's value, and positions the remaining coated paperboard products to support our customers' strategic growth in the food service and packaging markets. The company's commercial print portfolio, which includes the Hammermill®, Accent® Opaque, Williamsburg Offset and the Springhill® brands, will continue to be a strategic part of the company and a valued part of merchant product portfolios," said Amick.

International Paper is a global leader in packaging and paper with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include industrial and consumer packaging along with uncoated papers and pulp. To learn more, please visit: internationalpaper.com.

SOURCE: International Paper