WASHINGTON (dpa-AFX) - International Paper Company (IP) Monday has entered exclusive talks with Germany's PALM Group to sell five corrugated box plants-three in France, one in Portugal, and one in Spain.
The deal, tied to regulatory conditions from IP's acquisition of DS Smith Plc, is expected to close by Q2 2025 following employee consultations and EU approval.
IP Chairman and CEO Andy Silvernail expressed confidence in PALM as the right buyer, thanking plant employees for their contributions. The sale fulfills IP's commitments to the European Commission regarding the DS Smith acquisition.
IP is currently trading at $47.22 or 0.81% higher on the NYSE.
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