International Paper is selling its kraft paper business to Stone Arcade Acquisition Corp., for roughly $155 million…
International Paper is selling its kraft paper business to Stone Arcade Acquisition Corp., for roughly $155 million.
The agreement comes as part of International Paper’s plan to focus on uncoated papers and packaging. To date, the company has reeled in approximately $9.3 billion from various sales.
Stone Arcade is hopeful that its purchase will serve as a stepping stone for future growth. “It provides us with a very solid platform from which we hope to expand,” said Roger Stone, chairman and CEO of Stone Arcade.
The deal is expected to close in the third quarter, and is subject to standard closing and post-closing adjustments, and two payments totaling up to $60 million, payable five years from the close of the transaction, contingent upon business performance.
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