International Paper (NYSE: IP) 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.
https://internationalpaper2015.q4web.com/news-releases/press-r/2021/International-Paper-Reaches-Agreement-to-Sell-Its-Corrugated-Packaging-Business-in-Turkey/default.aspx
Related Posts
Greif announced it will permanently cease production on the Number 1 Paperboard Machine (A1) in Austell, GA and permanently close the containerboard and uncoated recycled paperboard (URB) mill in Fitchburg, MA. “Decisions like these are extremely difficult because of the impact it has on our colleagues and their families, as well as the larger community,” said President and CEO Ole Rosgaard. “We are grateful to our colleagues in Austell and Fitchburg for their contributions to the company and are committed to helping them navigate next steps by providing severance benefits and outplacement assistance.” In total, approximately 140 positions will be impacted. Ceasing production at A1 – a non-integrated URB asset for the company - is a result of increased cost and declining demand in its major end use markets of furniture, books, and binders. The combination of high operating costs and the need for significant capital investment were the determining factors in the decision to close the Fitchburg mill. Together, these actions will reduce the containerboard capacity of Greif’s mill network by 100,000 tons, and URB capacity by 90,000 tons.
Total boxboard production increased 4.0 percent when compared to April 2017 and increased 2.6 percent from last month. Unbleached Kraft Boxboard production increased over the same month a year ago and increased compared to last month. Total Solid Bleached Boxboard & Liner production increased when compared to April 2017 and increased compared to last month. The production of Recycled Boxboard increased compared to April 2017 and increased when compared to last month.
TC Transcontinental Packaging is proud to support the vital food industry, a sector considered critical by governments, and contribute to the maintenance of essential services in communities during the COVID-19 global pandemic. While some of the sector’s verticals are experiencing a decrease in volumes due to government restrictions or the economic slowdown, the verticals related to food and other essential consumer staples, which represent the large majority of the sector’s activities, continue to fully operate in a safe and secure environment. "Our customers and the population can count on us. We are meeting the requirements of government guidelines, and adjusting constantly our safety practices to ensure the continuity of our operations as a vital packaging provider to essential services and industries, said Thomas Morin, President of TC Transcontinental Packaging. The safety of our people remains our top priority. We have implemented stringent policies and responsible behaviours to minimize movements, maintain physical distance, impose quarantines and maintain a clean work environment to offer a safe and secure environment within our facilities.”