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The international letter reaches agreement to sell its corrugated packaging business to Turkey

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MEMFIS, Tenn., January 5, 2021 / PRNewswire / – Letter International (NYSE: IP) has entered into an agreement to sell 90.38% of its ownership interest in Olmuksan International Paper to Mondi Group for approximately 66 million. Olmuksan business includes corrugated packaging facilities in Turkey with approximate annual revenues of TRY1,093 million (150 million). The transaction is expected to close in the first half of 2021, subject to certain closing conditions and regulatory approvals. This action is in line with International Paper’s strategy to serve markets from an advantageous position. Corrugated packaging remains a strategic business for International Paper at EMEA.

About the International Letter
International Paper (NYSE: IP) is a leading global manufacturer of packaging based on renewable fiber, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa AND Russia. We produce corrugated packaging products that protect and promote goods and enable trade worldwide; pulp for diapers, tissues and other personal hygiene products that promote health and well-being; and works that facilitate education and communication. We are headquartered in Memphis, Tenn., employ more than 48,000 colleagues and serve more than 25,000 clients in 150 countries. Net sales for 2019 were $ 22 billion. For more information about International Letter, our products and global citizenship efforts, please visit internationalpaper.com.

Certain statements in this press release may be considered forward-looking statements. These statements reflect current views of IP management and are subject to risks and uncertainties that may cause actual results to differ materially from those implied or implied in these statements. Factors that may cause a change in actual results include but are not limited to (i) obtaining regulatory approvals for the transaction and successfully fulfilling or waiving all other closing conditions without delays or unexpected conditions; (ii) successful completion of the transaction within the stipulated time; (iii) industry conditions; (iv) global economic conditions and political changes; and (v) other factors that may be found in IP press releases and Securities and Exchange Commission records. IP assumes no obligation to publicly update any forward-looking statement, whether as a result of new information, upcoming events or otherwise.

SOURCE International Letter

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