| PAPER INDUSTRY NEWS - OCTOBER 2005 |
This page contains pulp and paper industry news for October 2005
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NEWS OCTOBER 2005
IP Completes Acquisition of CMCP
Stamford, Connecticut, USA, and Brussels, Belgium, 04 October 2005 -- /PRNewswire/
-- 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 16 September 2005, the company announced it had
signed an agreement to acquire approximately 65% of CMCP, for approximately USD
80 million cash, plus assumed debt of approximately USD 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.
Headquartered in the United States, International Paper (www.internationalpaper.com)
is the world's largest paper and forest products company. Businesses include
paper, packaging, and forest products. As one of the largest private forest
landowners in the world, the company manages its forests under the principles of
the Sustainable Forestry Initiative(R) (SFI) program, a system that ensures the
continual planting, growing, and harvesting of trees while protecting wildlife,
plants, soil, and air and water quality.
Related press releases are available at
www.internationalpaper.com by clicking on the
"Media" tab