International Paper today announced it has reached a definitive agreement with MeadWestvaco Corporation (MWV) to sell the Carolina® coated bristols brand. The sale is expected to close April 30, 2015. Terms of the sale were not disclosed.
International Paper's decision to sell the Carolina brand was a result of its plans to convert the Riegelwood N.C., Mill to 100 percent fluff and softwood pulp production, thereby eliminating the manufacturing capability to produce the brand. "We recognize that Carolina is a leading brand valued by our merchants, printers, graphic designers and other customers," said Mike Amick, senior vice president, North America Papers & Pulp and Consumer Packaging. "MWV has a long history producing coated bristols for the commercial print market and we view them as a strategic fit to acquire the Carolina brand." Carolina is a preferred coated bristols brand used in a variety of applications like greeting cards, book covers and marketing collateral.
Both companies are committed to a seamless transition to ensure the ongoing quality and reliable performance which customers value and expect. "Taking care of our customers throughout this transition is a top priority," said Amick.
International Paper's coated paperboard and printing papers businesses are strategic to the company's global portfolio. "The sale of Carolina captures the brand's value, and positions the remaining coated paperboard products to support our customers' strategic growth in the food service and packaging markets. The company's commercial print portfolio, which includes the Hammermill®, Accent® Opaque, Williamsburg Offset and the Springhill® brands, will continue to be a strategic part of the company and a valued part of merchant product portfolios," said Amick.
About International Paper
International Paper (NYSE: 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 58,000 people and is strategically located in more than 24 countries serving customers worldwide. International Paper net sales for 2014 were $24 billion. For more information about International Paper, its products and stewardship efforts, visit internationalpaper.com.