International Paper announced that 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 $484MM (USD) in cash.
In addition, the Company completed the sale of its outstanding shares in JSC Ilim Group to its JV partners for $24MM (USD) 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.
International Paper is a global producer of planet-friendly packaging, pulp and other fiber-based products, and one of North America's largest recyclers. Headquartered in Memphis, Tenn., International Paper employs approximately 39,000 colleagues globally who are committed to creating what's next.