International Paper will Buy Asian Packaging Business
April 26, 2010
The Associated Press reports the International Paper Co. has agreed to buy the Asian packaging business of Swedish paper company SCA AB for $200 million. The purchase is expected to be completed in the second quarter, pending Chinese regulatory approval. The SCA packaging business in Asia, concentrated in China, consists of 13 corrugated box plants and two specialty-packaging facilities. International Paper has 12 corrugated box plants in Asia, mostly in China. The SCA unit has 4,500 employees that will join International Paper. IP currently has about 56,000 employees worldwide.