International Paper 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, as the company said in the press release received by Lesprom Network.
Under terms of the transaction, International Paper will receive a total of approximately RMB 1 billion ($150 million), subject to post-closing adjustments and other payments, including the buyer's assumption of the liability for loans of approximately $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.
International Paper's corrugated packaging business in Asia has 18 plants and a workforce of approximately 3,000 employees. International Paper is a global leader in packaging and paper with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa.
Source : lesprom.com