International Paper to sell Turkish corrugated packaging operations to Mondi
January 5, 2021
MEMPHIS, Tenn. (News release) -- International Paper 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.