International Paper has entered into an agreement to sell its corrugated packaging business in China and Southeast Asia to Xiamen Bridge Hexing Equity Investment Partnership Enterprise. International Paper’s corrugated packaging business in Asia has 18
plants and a workforce of approximately 3,000 employees. Under terms of the transaction, International Paper will receive a total of approximately RMB 1 billion (approximately US$ 150 million at the current exchange rate), subject to post-closing adjustments and other
payments, including the buyer’s assumption of the liability for loans of approximately US$50 million to be paid to International Paper within six months of closing of the sale. The transaction is expected to be completed in the next few months, subject to satisfaction of
closing conditions, including obtaining required governmental approvals.
The transaction is expected to be completed in the next few months, subject to satisfaction of closing conditions, including obtaining required governmental approvals. International Paper is a global leader in packaging and paper with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include industrial and consumer packaging along with uncoated papers and pulp. Headquartered in Memphis, Tennessee, the company employs approximately 55,000 people and is strategically located in more than 24 countries serving customers worldwide. The company’s net sales for 2015 were US$ 22 billion.
Packaging South Asia is the cooperating media partner for drupa 2016 which is scheduled to be held from 31 May to 10 June at Dusseldorf, Germany