| PAPER INDUSTRY NEWS - SEPTEMBER 2005 |
This page contains pulp and paper industry news for September 2005
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NEWS SEPTEMBER 2005
International Paper Acquires
Majority Share of Morocco-Based CMCP
Stamford, Connecticut, USA, and Brussels, Belgium, 16 September 2005 -- /PRNewswire/
-- International Paper (NYSE:IP) today announced it has signed an agreement to
acquire a majority share of Compagnie Marocaine des Cartons et des Papiers (CMCP),
a leading Moroccan corrugated packaging company. Under the terms of the planned
investment, IP will acquire approximately 65% of CMCP, for approximately USD 80
million cash, plus assumed debt of approximately USD 40 million. Completion of
the transaction is subject to normal closing conditions and is anticipated
before the end of 2005.
"CMCP fits well with International Paper's strategy to grow our corrugated box
business globally, and will further strengthen our position in the fruit and
vegetable segment, where we are already a European leader. Additionally, the
investment in CMCP will offer IP an attractive opportunity to increase shipments
of Kraft linerboard to Morocco," said Tom Kadien, president of International
Paper Europe.
Following completion of the transaction, CMCP will become part of International
Paper's European Container business.
"Morocco is an attractive market for International Paper's packaging business,"
said Paul Brown, vice president of International Paper's European Container
business. "The country has a rapidly growing economy with low inflation and
recently signed free-trade agreements with the European Union and the United
States."
International Paper and CMCP remain dedicated to providing top quality products,
excellent services, and superior value-added solutions to their customers.
CMCP, based in Casablanca, Morocco, has 1500 employees. It operates four box
plants and one recycled containerboard mill in Morocco. CMCP produces corrugated
packaging materials for the industrial and agricultural markets.
International Paper's European Container business has 3200 employees. It
operates 25 box plants and two corrugated containerboard mills in France,
Ireland, Italy, Spain, the United Kingdom, and through a joint venture in
Turkey.
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(SM)) program, a system that ensures
the continual planting, growing and harvesting of trees while protecting
wildlife, plants, soil, and air and water quality. Headquartered in the United
States, International Paper has operations in over 40 countries and sells its
products in more than 120 nations.
IP Completes Sale of Carter Holt
Harvey Stake to Rank Group
Stamford, Connecticut, USA, 21September 2005 -- /PRNewswire/ -- International
Paper (NYSE:IP) has completed the sale of its 50.5% stake in Carter Holt Harvey
Ltd. to Rank Group Investments Ltd. for NZ$ 2.50 per share, per the lock-in
agreement signed by both companies on 16 August 2005. Proceeds of the sale
totaled USD 1.14 billion, and will be used primarily to reduce debt.
IP's acceptance of the offer satisfies the minimum shareholder acceptance
condition of the full takeover offer, launched 14 September.
"This is an important first step in IP's transformation plan, and I'm pleased
with how quickly we completed the transaction. It's an indication that we are
serious and focused on getting value and executing our strategy," said John
Faraci, IP's chairman and chief executive officer. "While we remain confident in
CHH's leadership and strategy to grow and improve, our priorities have evolved
and the business climate has changed. The timing was right for us to divest our
interests."
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.
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