International Paper Completes the Sale of Its Asian Corrugated Packaging Business

MEMPHIS, Tenn., June 30, 2016 /PRNewswire/ -- International Paper IP today announced that it has completed two previously disclosed transactions – the sale of its corrugated packaging business in China and Southeast Asia to Xiamen Bridge Hexing Equity Investment Partnership Enterprise; and the acquisition of the Holmen Paper Madrid Mill in Spain. The Company plans to convert the newsprint machine to produce recycled containerboard during the second half of 2017. 

About International Paper

International Paper IP is a global leader in packaging and paper with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include industrial and consumer packaging along with uncoated papers and pulp. Headquartered in Memphis, Tenn., the company employs approximately 55,000 people and is strategically located in more than 24 countries serving customers worldwide. International Paper net sales for 2015 were $22 billion. For more information about International Paper, its products and stewardship efforts, visit internationalpaper.com.

Certain statements in this press release may be considered forward-looking statements. These statements reflect Company management's current views and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. Factors which could cause actual results to differ include but are not limited to (i) industry conditions; (ii) global economic conditions and political changes; and (iii) other factors that can be found in the Company's press releases and Securities and Exchange Commission filings. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

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SOURCE International Paper