International Paper Company [NYSE: IP] reported that the company has inked a contract to sell its 90.38% ownership in Olmuksan International Paper. The company will sell its ownership to Mondi Group for nearly €66 Million.
The Olmuksan business incorporates corrugated packaging services and resources in turkey. The Olmuksan business average yearly revenue is TRY1,093 million (€150 million). The acquisition of Olmuksan by Mondi group expects to close in the first half of 2021. Additionally, The transaction is subject to customary closing conditions and regulatory approvals.
Furthermore, This activity to sell ownership of Olmuksan is in accordance with International Paper’s strategy to serve markets from a fortunate spot. Moreover, Corrugated packaging remains an essential business for International Paper in EMEA.