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International Paper sells off Asian corrugated packaging business for US$150m

International Paper sells off Asian corrugated packaging business for US$150m, International Paper, Xiamen Bridge Hexing Equity Investment Partnership Enterprise, Asia packaging, China packaging
CHINA/SE ASIA –
International Paper has announced that it has entered into a definitive agreement to sell its corrugated packaging business in China and Southeast Asia to Xiamen Bridge Hexing Equity Investment Partnership Enterprise.

Under the terms of the acquisition of International Paper's Asian corrugated packaging business – which consists of 18 plants and a workforce of approximately 3,000 employees - International Paper will receive a total of approximately US$150 million (RMB 1 billion), subject to post-closing adjustments and other payments, including the buyer's assumption of the liability for loans of approximately US$50 million to be paid to International Paper within six months of closing of the sale.

The transaction is expected to be completed in the next few months, subject to satisfaction of closing conditions, including obtaining required governmental approvals… For the full story, subscribe to Packaging Business Insight Asia here.



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