IP to Sell Carolina Coated Bristols Brand to MWV
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International Paper Co., Memphis, Tenn., USA, this week announced it will sell its Carolina® coated bristols brand to MeadWestvaco Corp. (MWV) of Richmond, Va. The sale is expected to close April 30. Terms of the sale were not disclosed.
IP's decision to sell the Carolina brand was a result of its plans to convert the company’s Riegelwood N.C., mill to 100% fluff and softwood pulp production, thereby eliminating the manufacturing capability to produce the brand (see article in the Pulp & Paper section). "We recognize that Carolina is a leading brand valued by our merchants, printers, graphic designers, and other customers," said Mike Amick, IP’s SVP, North America Papers & Pulp and Consumer Packaging. "MWV has a long history producing coated bristols for the commercial print market and we view them as a strategic fit to acquire the Carolina brand."
Carolina is a preferred coated bristols brand used in a variety of applications such as greeting cards, book covers, and marketing collateral. IP's coated paperboard and printing papers businesses are strategic to the company's global portfolio.
"The sale of Carolina captures the brand's value, and positions the remaining coated paperboard products to support our customers' strategic growth in the food service and packaging markets. The company's commercial print portfolio, which includes the Hammermill®, Accent® Opaque, Williamsburg Offset, and the Springhill® brands, will continue to be a strategic part of the company and a valued part of merchant product portfolios," said Amick.
