MEMPHIS, Tenn., Jan. 2 /PRNewswire-FirstCall/ -- International Paper today closed on the sale of its kraft papers business to Stone Arcade Acquisition Corp. (BULLETIN BOARD: SCDE) for approximately $155 million and two payments totaling up to $60 million, payable five years from the close of the transaction, contingent upon business performance. The kraft papers business includes the Roanoke Rapids, N.C., mill and the Fordyce, Ark., Ride Rite(R) dunnage bag plant.
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The kraft papers business, which will now be known as KapStone Paper and Packaging Corporation, produces approximately 400,000 tons of kraft papers, used in a variety of end-use products including approximately 9 million Ride Rite(R) dunnage bags. The business employs approximately 700 people.
About Stone Arcade Acquisition Corporation
Founded in 2005, Stone Arcade Acquisition Corporation is a publicly traded specific purpose acquisition corporation. Stone was formed for the purpose of identifying and effecting an asset acquisition or business combination with an unidentified business in the paper, packaging, forest products and related industries.
About International Paper
Headquartered in the United States, International Paper has been a leader in the forest products industry for more than 100 years. The company is currently transforming its operations to focus on its global uncoated papers and packaging businesses, which operate and serve customers in the U.S., Europe, South America and Asia. These businesses are complemented by an extensive North American merchant distribution system. International Paper is committed to environmental, economic and social sustainability, and has a long-standing policy of using no wood from endangered forests. To learn more, visit http://www.internationalpaper.com/.
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