WASHINGTON (dpa-AFX) - International Paper (IP, IPC.L) on Thursday said it has agreed to acquire North Pacific Paper Company (NORPAC) from One Rock Capital Partners for $360 million.
NORPAC operates a paper mill in Longview, Washington, employing about 500 people and producing roughly one million tons of containerboard and other paper grades annually.
International Paper said the acquisition will enhance its mill system, improving flexibility, reducing costs and expanding its ability to meet growing demand for lightweight, high-performance recycled containerboard.
'This acquisition is a strong strategic fit for our business and supports our long-term value creation priorities,' said Tom Hamic, Executive Vice President and President, Packaging Solutions North America, International Paper. 'NORPAC's attractive customer base, location and operational capabilities strengthen our ability to serve customers in the growing West Coast region. We look forward to partnering with the mill team and its customers to deliver a safe, seamless integration.'
The transaction is part of International Paper's broader strategy to drive long-term value creation and is subject to regulatory approvals.
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