MEMPHIS, Tenn., June 29, 2017 /PRNewswire/ -- International Paper (NYSE: IP) today announced that it has entered into a definitive agreement to sell its foodservice business in China to Huhtamaki Hong Kong Limited. International Paper's foodservice business in China has two plants and a workforce of approximately 200 employees. The transaction is expected to be completed in the next couple of months, subject to satisfaction of closing conditions, including obtaining required governmental approvals.
Over the last two years, the company has finalized the sale of its corrugated packaging business in China and Southeast Asia, along with the sale of its interest in a coated board joint venture business in China. Although the Chinese and Asian markets remain strategically important for IP, the Company has determined these markets can more effectively be served through its Ilim joint venture in Russia and with products exported from the U.S. and other parts of the world.
About International Paper
International Paper (NYSE: IP) is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa, Asia and Russia. We produce packaging products that protect and promote goods, and enable world-wide commerce; pulp for diapers, tissue and other personal hygiene products that promote health and wellness; papers that facilitate education and communication; and paper bags, cups and food containers that provide convenience and portability. We are headquartered in Memphis, Tenn., and employ approximately 55,000 colleagues located in more than 24 countries. Net sales for 2016 were $21 billion. For more information about International Paper, 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 Company management's current views and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. Factors which could cause actual results to differ include but are not limited to (i) the receipt of regulatory approvals for the transaction and the successful fulfillment or waiver of all other closing conditions without unexpected delays or conditions; (ii) the successful closing of the transaction within the estimated timeframe; (iii) industry conditions; (iv) global economic conditions and political changes; and (v) other factors that can be found in the Company's press releases and Securities and Exchange Commission filings. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE International Paper