International Paper to Sell Its Corrugated Packaging Business in Turkey to Mondi for EUR 66 Million
Jan. 5, 2021 - International Paper today announced that it has entered into an agreement to sell its 90.38% ownership interest in Olmuksan International Paper to Mondi Group for approximately EUR 66 million. The Olmuksan business includes corrugated packaging facilities in Turkey with an approximate annual revenue of TRY1,093 million (EUR 150 million).
The transaction is expected to close in the first half of 2021, subject to certain closing conditions and regulatory approvals.
In a written statement, IP said, "This action is in line with International Paper's strategy to serve markets from an advantaged position. Corrugated packaging remains a strategic business for International Paper in EMEA."
Headquartered in Memphis, Tennessee, 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. To learn more, visit: internationalpaper.com.
SOURCE: International Paper