IP sells beverage packaging business.(TO CHH)
Official Board Markets, December, 2006
International Paper (IP), Memphis, Tenn., will sell its beverage packaging business to Carter Holt Harvey (CHH) for about $500 million. The agreement is subject to certain adjustments. The transaction is expected to close in the first quarter of next year, subject to various closing conditions.
This business includes gable-top beverage converting facilities in Massachusetts, Michigan, North Carolina, Florida, California, and Ontario and Quebec, Canada. It also includes the Evergreen Packaging manufacturing facility in Iowa and the Pine Bluffboard mill in Arkansas. It has wholly owned subsidiaries in China, South Korea and Taiwan, and joint ventures in Latin America, Israel and Saudi Arabia. It employs approximately 3,000 and produces more than 680,000 tons...
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