MEMPHIS, Tenn. (News release) -- International Paper (NYSE: IP; LSE: IPC), a leader in sustainable packaging solutions, has entered into an agreement to acquire North Pacific Paper Company (NORPAC), a portfolio company of One Rock Capital Partners, for $360MM.

NORPAC is a U.S.-based paper manufacturer operating out of Longview, Washington. The company employs approximately 500 people at its paper mill, where it operates three industry-leading machines that produce approximately one million tons of containerboard and other grades annually. The facility will complement IP's existing mill system, increasing system flexibility, reducing costs and expanding capabilities to support growing customer demand for lightweight, high-performance recycled containerboard.

"This acquisition is a strong strategic fit for our business and supports our long‑term value creation priorities," said Tom Hamic, Executive Vice President and President, Packaging Solutions North America, International Paper. "NORPAC's attractive customer base, location and operational capabilities strengthen our ability to serve customers in the growing West Coast region. We look forward to partnering with the mill team and its customers to deliver a safe, seamless integration."

"NORPAC is a high-quality business built on the strength of its first-rate management team and employees," said Tony Lee, Co-Founder and Managing Partner of One Rock Capital Partners. "We are proud to have achieved together a years-long transformation of NORPAC during our ownership. We believe this transaction with International Paper underscores the value created at NORPAC and positions the company for continued success as part of a larger platform."

The acquisition of NORPAC is part of International Paper's strategic transformation to maximize value creation for customers, shareholders and employees. The acquisition is subject to regulatory approval.

About International Paper (NYSE: IP; LSE: IPC)
International Paper creates sustainable packaging solutions that enable our customers, teammates and shareowners to thrive in an ever-changing world. We are a leader in corrugated packaging, partnering with customers across industries to protect what matters most, strengthen supply chains and create lasting value. Learn more at internationalpaper.com.

About NORPAC
NORPAC is a Longview, Washington based producer of environmentally sustainable lightweight recycled packaging papers. Having operated for approximately a half-century, NORPAC prides itself on innovation and successful adaptation to changes in society, technology, business and the environment. For more information, visit www.norpacpaper.com.

About One Rock Capital Partners, LLC
One Rock makes investments in companies with potential for growth and operational improvement using a rigorous approach that utilizes highly experienced Operating Partners to identify, acquire and enhance businesses in select industries. The involvement of these Operating Partners affords One Rock the ability to conduct due diligence and consummate acquisitions and investments in all types of situations, regardless of complexity. One Rock works collaboratively with company management and its Operating Partners to develop a comprehensive business plan focused on growing the enterprise and its profitability to enhance long-term value. For more information, visit www.onerock.com.