IP Finalizes Sale of Carolina Brand to MWV
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International Paper Co., Memphis, Tenn., USA, has finalized the previously announced sale of its Carolina® coated bristols brand to MeadWestvaco. As part of the sale agreement and to ensure a smooth transition for customers, IP will manufacture Carolina branded products for MWV until the end of year. Financial terms of the sale were not disclosed.
IP noted that its coated paperboard and printing papers businesses are strategic to the company's global portfolio. The company will continue to manufacture coated paperboard products to support customer demand in the food service and packaging markets. Its commercial print portfolio, which includes the Hammermill®, Accent® Opaque, Williamsburg Offset, and the Springhill® brands, will continue to be a valued part of IP's merchant product portfolio, the company said.
IP employs approximately 58,000 people and is strategically located in more than 24 countries serving customers worldwide. Its net sales for 2014 were $24 billion.
