MEMPHIS, Tenn., Jan. 5, 2021 -- International Paper (NYSE: IP) has entered into an agreement to sell its 90.38% ownership interest in Olmuksan International Paper to Mondi Group for approximately €66 million.
The Olmuksan business includes corrugated packaging facilities in Turkey with an approximate annual revenue of TRY1,093 million (€150 million). The transaction is expected to close in the first half of 2021, subject to certain closing conditions and regulatory approvals. 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.
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 worldwide 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 more than 48,000 colleagues and serve more than 25,000 customers in 150 countries. Net sales for 2019 were $22 billion. For more information about International Paper, our products and global citizenship efforts, please visit internationalpaper.com.
Certain statements in this press release may be considered forward-looking statements. These statements reflect IP 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) the receipt of regulatory approvals for the transaction and the successful fulfillment or waiver of all other closing conditions without unexpected delays or conditions; (ii) the successful closing of the transaction within the estimated timeframe; (iii) industry conditions; (iv) global economic conditions and political changes; and (v) other factors that can be found in IP's press releases and Securities and Exchange Commission filings. IP undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Source: International Paper