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International Paper completes sale of Brazil corrugated packaging business

International Paper has completed the previously announced sale of its Brazilian corrugated packaging business to Klabin S.A., Brazil’s biggest paper producer, exporter and recycler.

The business has three containerboard mills and four box plants.

The company will continue to run its papers business and forestry operations in Brazil.

When it was initially disclosed in March, the agreement was for R$330 million, with R$280 million to be paid at closing and R$50 million one year thereafter, subject to certain adjustments.