International Paper Completes the Sale of Its India-based Printing Paper Business

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Oct 30, 2019, 09:08 ET

MEMPHIS, Tenn., Oct. 30, 2019 /PRNewswire/ -- International Paper (NYSE: IP) today announced that it has completed the sale of its controlling interest (21,873,521 shares) in International Paper APPM Limited (NSE:IPAPPM | BSE:502330), an India-based printing paper business, to West Coast Paper Mills Limited (NSE: WSTCSTPAPR) for approximately $85 million. International Paper intends to pursue suitable alternatives to divest its remaining 20% ownership interest (7,954,008 shares) in APPM.

About International Paper
International Paper (NYSE: IP) is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa and Russia. We produce corrugated packaging products that protect and promote goods, and enable world-wide commerce; pulp for diapers, tissue and other personal hygiene products that promote health and wellness; and papers that facilitate education and communication. We are headquartered in Memphis, Tenn., employ more than 50,000 colleagues and serve more than 25,000 customers in 150 countries. Net sales for 2018 were $23 billion. For more information about International Paper, our products and global citizenship efforts, please visit internationalpaper.com.

SOURCE International Paper