MEMPHIS,
Tenn., Sept. 18, 2023 /PRNewswire/ --
International Paper (NYSE: IP) today announced that it has
completed the sale of its 50% interest in Ilim SA, the holding
company for its Ilim joint venture (JV), to its JV partners for
$484MM (USD) in cash.
In addition, the Company completed the sale of its outstanding
shares in JSC Ilim Group to its JV partners for $24MM (USD) in cash
and is divesting other non-material residual interests associated
with Ilim.
With the completion of these transactions, International Paper
has divested all of its ownership interests in Ilim.
About International Paper
International Paper (NYSE:
IP) is a global producer of planet-friendly packaging, pulp and
other fiber-based products, and one of North America's largest recyclers.
Headquartered in Memphis, Tenn.,
we employ approximately 39,000 colleagues globally who are
committed to creating what's next. We serve customers worldwide,
with manufacturing operations in North
America, Latin America,
North Africa and Europe. Net sales for 2022 were $21.2 billion. Additional information can be
found by visiting internationalpaper.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/international-paper-completes-sale-of-ownership-interest-in-ilim-joint-venture-301930442.html
SOURCE International Paper