Memphis-based International Paper (NYSE: IP) watched its shares decline slightly first thing Monday, on word it has completed the sale of its 50% interest in Ilim SA, the holding company for its Ilim joint venture (JV), to its JV partners for $484 million in cash.
In addition, the Company completed the sale of its outstanding shares in JSC Ilim Group to its JV partners for $24 million in cash and is divesting other non-material residual interests associated with Ilim.
With the completion of these transactions, International Paper has divested all of its ownership interests in Ilim.
The company was in the news late last week with the opening of its newest state-of-the-art corrugated packaging facility in Atglen, PA. The new $100 million facility is providing more than 100 manufacturing jobs to Atglen and the surrounding communities. The new facility will produce corrugated packaging for produce, processed food, beverage, shipping, distribution and e-commerce customers.
International Paper is a global producer of planet-friendly packaging, pulp and other fiber-based products, and one of North America’s largest recyclers. It employs approximately 39,000 colleagues globally who are committed to creating what’s next. The company serves customers worldwide, with manufacturing operations in North America, Latin America, North Africa and Europe. Net sales for 2022 were $21.2 billion.
IP shares opened Monday down 11 cents to $34.13.