Ip sells industrial papers business to kohlberg

摘要

International Paper (IP) has signed an agreement to sell its Industrial Papers Business to private equity firm Kohlberg and Company for approximately US180 million subject to certain adjustments at closing.The Industrial Papers Business includes the lightweight packaging papers and pressure sensitive papers segments and related converting assets.The companies expect to close on the sale in the second quarter of 2005,subject to various closing conditions and any required regulatory approval.Included in the agreement are paper mills in DePere and Kaukauna,Wis.;the Akrosil business with paper converting facilities in Menasha,Wis.,Lancaster,Ohio,and Heerlen,Netherlands;and Thilmany Packaging located at the Kaukauna Mill.These operations employ approximately 1,400 people.The agreement with Kohlberg also includes a supply contract for IP to produce lightweight specialty papers at its mill in Androscoggin,Maine.