Smurfit sells to GP
August 14, 2007 By Pulp & Paper Canada
Chicago, IL Smurfit-Stone Container Corporation is selling the assets of its Brewton, AL white top linerboard and …
Chicago, IL Smurfit-Stone Container Corporation is selling the assets of its Brewton, AL white top linerboard and bleached board mill to Georgia-Pacific for roughly $355 million. Smurfit plans to use the capital from the sale to pay down its debt, and improve its financial flexibility.
The companies expect the transaction to be wrapped up by the end of September, subject to standard regulatory reviews and approvals.
The sale of our Brewton mill is another important step in the execution of our companys transformation strategy, said Patrick J. Moore, Smurfit-Stones chairman and CEO. As we continue to realign our mill system, we will deliver uninterrupted, high quality white top linerboard products and services to our customers.
Georgia-Pacific regards the acquisition as a strategic step in its corporate development. Investments in our packaging business such as this, are a key part of our strategy, and we continue to see opportunities for growth in each of Georgia-Pacifics businesses.
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