International Paper, Memphis, Tenn., USA, this week acquired Europac's Tangier box plant for EUR 40 million. With this acquisition, the company expects to realize significant synergies in its box system in Morocco as well as from the paper integration with the recently acquired Madrid, Spain, mill and its existing recycled containerboard mill in Kenitra, Morocco. International Paper obtained all relevant approvals by Moroccan authorities, including antitrust approval.

Packaging is a core business for International Paper and Morocco with is attractive investment climate and growing economy is a strategic priority for the company. 

"As we are constantly aiming at providing superior value for existing and new customers, the Tangier box plant represents an attractive opportunity to further grow our successful corrugated packaging business in Morocco by complementing our existing asset base with a state-of-the art box making facility," said Eric Chartrain, VP and GM of IP's corrugated packaging business in EMEA. Moreover, the Tangier facility allows us to further integrate our Kenitra mill as well as realize supply chain and converting synergies with our other box plants in Morocco."

"This acquisition is a significant investment into the future of our corrugated packaging business in Morocco, our customers, our employees, and our communities, and we are excited to be making this strategic step," Chartrain added.

Organizationally, the Tangier facility will become part of IP's Moroccan corrugated packaging business.

International Paper is a global producer of renewable fiber-based packaging and pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa, Asia, and Russia. It produces 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; papers that facilitate education and communication; and paper bags, cups, and food containers that provide convenience and portability. IP employs approximately 55,000 people in more than 24 countries. The company’s net sales for 2016 were $21 billion. 

In Europe, Middle East, Africa, and Russia (EMEA), International Paper focuses on the production and marketing of office papers and fiber-based packaging. It is  a key supplier of high-quality cutsize papers, coated and uncoated paperboard and corrugated containers for a wide range of applications, and employs approximately 9,000 people. Net sales for IP in EMEA were approximately $2.8 billion in 2016.