International Paper to Sell its Corrugated Packaging Business to Klabin for R$330 Million
International Paper's corrugated packaging business in Brazil includes three containerboard mills and four box plants.
March 29, 2020 - International Paper on March 29 announced that it has entered into an agreement to sell its Brazilian corrugated packaging business to Klabin S.A. for R$330 million, with R$280 million to be paid at closing and R$50 million one year thereafter, subject to certain adjustments. This business includes three containerboard mills and four box plants.
This agreement follows International Paper's previously announced strategic review of the Brazil packaging business.
The transaction is expected to close in the second half of 2020, subject to certain closing conditions and regulatory approvals.
International Paper will continue to run its Papers and Forestry businesses in Brazil.
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