International Paper Completes Acquisition of a Majority Share of CMCP
Press release from the issuing company
STAMFORD, Conn. and BRUSSELS, Belgium, Oct. 4 -- International Paper has completed the acquisition of a majority share of Compagnie Marocaine des Cartons et des Papiers (CMCP), a leading Moroccan corrugated packaging company. On Sept. 16, the company announced it had signed an agreement to acquire approximately 65 percent of CMCP, for approximately $80 million cash plus assumed debt of approximately $40 million.
The acquisition of the CMCP shares supports International Paper's strategy to grow its corrugated box business globally, and will further strengthen the company's position in the fruit and vegetable segment. International Paper and CMCP remain dedicated to providing top quality products, excellent services and superior value-added solutions to their customers.
International Paper will immediately begin the process of integrating CMCP's four box plants and one recycled containerboard mill into its European Container Division, which comprises 25 box plants and two corrugated containerboard mills in France, Ireland, Italy, Spain, the United Kingdom, and through a joint venture in Turkey.
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