MEMPHIS, Tenn., March 29, 2020 /PRNewswire/ -- International
Paper (NYSE: IP) 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. The company will continue to run its Papers and Forestry
businesses in Brazil.
About International Paper
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. We
produce corrugated packaging products that protect and promote
goods and enable world-wide commerce; pulp for diapers, tissue, and
other personal hygiene products that promote health and wellness;
and papers that facilitate education and communication. We are
headquartered in Memphis, Tenn.,
employ more than 50,000 colleagues and serve more than 25,000
customers in 150 countries. Net sales for 2019 were $22 billion. For more information about
International Paper, our products and global citizenship efforts,
please visit internationalpaper.com.
Certain statements in this press release may be considered
forward-looking statements. These statements reflect IP
management's current views and are subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in these statements. Factors
which could cause actual results to differ include but are
not limited to (i) the receipt of regulatory approvals for the
transaction and the successful fulfillment or waiver of all other
closing conditions without unexpected delays or conditions; (ii)
the successful closing of the transaction within the estimated
timeframe; (iii) industry conditions; (iv) global economic
conditions and political changes; and (v) other factors that can be
found in IP's press releases and Securities and Exchange Commission
filings. IP undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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SOURCE International Paper