Benzinga | Jan 5, 2021 05:09AM EST

International Paper Agreed to Sell Its Corrugated Packaging Business in Turkey to Mondi Group for 00E266M

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