International Paper considers sale of Brazil packaging unit

29 October 2018

International Paper Co (IP.N) is considering the sale of its cardboard packaging unit in Brazil, the company confirmed in a statement.

Brazilian newspaper Valor Economico reported the potential sale earlier on Wednesday citing sources. The newspaper said the unit is not profitable.

In a statement to Reuters, International Paper said it is “exploring strategic options for the packaging business in Brazil, including a potential sale”.

International Paper, which reported its third-quarter results on Thursday, booked a $122 million loss in its financial statement related to assets in the country, Valor said.

International Paper also owns a paper unit in Brazil.