IP Completed Divestiture of European Corrugated Box Plants
The transaction will result in reduction of the company’s operational footprint in the European market.
SEATTLE (Scrap Monster): Memphis, Tennessee-based International Paper, a worldwide leader in sustainable packaging solutions, announced that it has completed the previously declared divestiture of five European corrugated box plants to Aalen, Germany- based PALM Group.
The deal is a component of meeting regulatory obligations related to its purchase of DS Smith plc. With this, the business has successfully completed the last regulatory requirement for the acquisition of DS Smith.
Three plants—one box plant in Saint-Amand, one box plant in Mortagne, one sheet plant in Cabourg, one box plant in Ovar, Portugal, and one box plant in Bilbao, Spain—are up for sale in Normandy, France.
As a remedy for the company's purchase of DS Smith, the European Commission had already consented to the sale of these corrugated box operations. With this, IP has fulfilled all of its responsibilities to the European Commission related to the acquisition agreement.
The company's operational presence in the European market will be diminished as a result of the deal. It might result in a possible decline in market share in Portugal, Spain, and France. Nevertheless, the business will keep up its strategic position in important European markets in spite of divestitures.
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