Riverwood International Corp. announced that it, along with its joint venture partner, Cia Suzano de Papel e Celulose, have sold the jointly held Brazilian subsidiary, Igaras Papeis e Embalagens S.A., to Klabin Argentina S.A., a subsidiary of Industrias Klabin de Papel e Celulose S.A., for $510 million, including the assumption of $112 million of debt.
Stephen Humphrey, Riverwood's president and CEO, stated that, "this sale is consistent with Riverwood's strategy to focus on the global coated board business and we will continue to operate the beverage multiple packaging business in Brazil."
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