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IP buys bulk of CMCP

International Paper has signed an agreement to buy a majority share of Compagnie Marocaine des Cartons et des Papie…

International Paper has signed an agreement to buy a majority share of Compagnie Marocaine des Cartons et des Papiers (CMCP), a Moroccan corrugated packaging company. According to terms of the investment, IP will acquire roughly 65% of CMCP, for an approximate $80 million, plus an assumed debt of $40 million.

Once the transaction is finished, CMCP will become part of IP’s European container business.