International Paper Completes Sale of Brazilian Corrugated Packaging Business to Klabin
International Paper's corrugated packaging business in Brazil includes three containerboard mills and four box plants.
Oct. 14, 2020 - International Paper today announced that it completed the previously disclosed sale of its Brazilian corrugated packaging business to Klabin S.A. The business has three containerboard mills and four box plants.
International Paper in March of this year announced that it had entered into an agreement to sell its Brazilian corrugated packaging business to Klabin for R$330 million, with R$280 million to be paid at closing and R$50 million one year thereafter, subject to certain adjustments.
International Paper said that it will continue to run its papers business and forestry operations 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 50,000 people. Net sales for 2019 were $22 billion. To learn more, visit: internationalpaper.com.
SOURCE: International Paper