MEMPHIS, Tenn. and BRUSSELS, Belgium, July 31 -- International Paper today completed the purchase of the remaining shares of Compagnie Marocaine des Cartons et des Papiers (CMCP). The company announced on July 12 it had signed an agreement with its joint venture partner Cofipac to acquire their shares in CMCP for approximately $40 million. The Moroccan packaging company is now wholly owned by International Paper and will be fully managed as part of the company's European Container business.
CMCP has approximately 1,500 employees and operates four box plants and one recycled containerboard mill in Morocco. CMCP produces corrugated packaging materials for the industrial and agricultural markets. In 2006, CMCP had sales of approximately US$145 million.