Int'l Paper Sells Packaging Biz To Chinese Group For $150M

Law360, New York (March 14, 2016, 8:30 PM EDT) -- International Paper Co. will sell its corrugated packaging business in China and Southeast Asia to a Chinese group, Xiamen Bridge Hexing Equity Investment Partnership Enterprise, for 1 billion yuan ($150 million), IP said on Monday, as it pursues a strategy of moving manufacturing operations out of the region.

The deal, expected to be completed in the next few months, is subject to the buyer's assumption of liability for loans of $50 million to be paid to IP within six months of the sale's closing. It is also subject to the securing of required government approvals.

Monday's corrugated packaging sale doesn't come...

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