In an agreement with Mayr-MelnhofKarton AG, International Paper has agreed to sell its Kwidzyn paper and pulp mill for an estimated $812 million in cash, subject to closing adjustments for net debt and net working capital.
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A total of 2,300 people work at the Kwidzyn mill and it is capable of producing 740,000 tonnes of folding boxboard, uncoated freesheet, specialty kraft papers, and market pulp in an average year on four machines.
International Paper announced December 3, 2020, it was planning to spin-off its Printing Papers business into one standalone, publicly-traded company to focus on its corrugated packaging and absorbent fiber businesses.
Kwidzyn’s sale presents International Paper with an opportunity to realize substantial incremental cash proceeds and a premium but otherwise does not alter its plans.
Under customary closing conditions and regulatory approvals, International Paper expects the transaction to close in the third quarter of 2021, following consultation with the appropriate employee representatives before agreeing.