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International Paper to Sell Brazilian Corrugated Packaging Business for BRL 330m
Tuesday 31 March 2020

US-based packaging and paper company International Paper (NYSE: IP) has agreed to sell its Brazilian corrugated packaging business to Klabin S.A. for BRL 330m (USD 63.5m), the company said.

The consideration will be paid with BRL 280m (USD 53.9m) at closing and BRL 50m (USD 9.6m) one year thereafter, subject to certain adjustments.

This business includes three containerboard mills and four box plants. This agreement follows International Paper's previously announced strategic review of the Brazil packaging business.

The transaction is expected to close in the second half of 2020, subject to certain closing conditions and regulatory approvals. The company will continue to run its Papers and Forestry businesses in Brazil.

International Paper (NYSE: IP) is a global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa and Russia.
Date Published: 31/03/2020