International Paper announced that it has entered into an agreement to sell its 90.38% ownership interest in Olmuksan International Paper to Mondi Group for approximately EUR 66 million. The Olmuksan business includes corrugated packaging facilities in Turkey with an approximate annual revenue of TRY1,093 million (EUR 150 million).
The transaction is expected to close in the first half of 2021, subject to certain closing conditions and regulatory approvals.
In a written statement, IP said, "This action is in line with International Paper's strategy to serve markets from an advantaged position. Corrugated packaging remains a strategic business for International Paper in EMEA."
TAPPI
http://www.tappi.org/