International Paper Completes the Sale of Its Corrugated Packaging Business in Turkey

Rhea-AI Summary

International Paper has finalized the sale of its ownership stake in Olmuksan International Paper to Mondi Group. The Olmuksan business comprises five corrugated packaging plants with a total annual converting capacity of 300,000 tons. This transaction aligns with International Paper's strategy to focus on attractive markets from a competitive position while emphasizing the importance of corrugated packaging in the EMEA region.

Positive

• Strategic sale aligns with business focus on advantageous markets.
• Continued emphasis on corrugated packaging as a key segment in EMEA.

Negative

• None.

MEMPHIS, Tenn., May 31, 2021 /PRNewswire/ -- International Paper (NYSE: IP) has completed the sale of its ownership interest in Olmuksan International Paper to Mondi Group. The Olmuksan business includes five corrugated packaging plants with three hundred thousand tons of annual converting capacity. This transaction is in line with International Paper's strategy to serve attractive markets from an advantaged position. Corrugated packaging remains a strategic business for International Paper in EMEA.

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 approximately 48,000 colleagues and serve more than 25,000 customers in 150 countries. Net sales for 2020 were $21 billion. For more information about International Paper, our products and global citizenship efforts, please visit internationalpaper.com

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SOURCE International Paper

FAQ

What recent sale did International Paper announce on May 31, 2021?

International Paper announced the sale of its ownership interest in Olmuksan International Paper to Mondi Group.

How many corrugated packaging plants does Olmuksan operate?

Olmuksan operates five corrugated packaging plants.

What is the annual converting capacity of Olmuksan's packaging plants?

The annual converting capacity of Olmuksan's packaging plants is 300,000 tons.

How does the sale of Olmuksan fit into International Paper's strategy?

The sale aligns with International Paper's strategy to serve attractive markets from a competitive position.

What market segment remains important for International Paper after the sale?

Corrugated packaging continues to be a strategic business focus for International Paper in the EMEA region.