International Paper and Shandong Sun Paper Ltd. have agreed to form a 50/50 joint venture for coated board production in Yanzhou City, Shandong Province. The companies expect to sign the agreement during a visit to Jinan, the capital city of Shandong Province, in early April by International Paper Chairman and CEO John Faraci.
The joint venture includes two coated paperboard machines in Yanzhou City, as well as construction of a third coated paperboard machine, expected to be completed in late 2007. International Paper's investment in the venture is expected to be about $140 million.
"Expanding our coated board production in China through this powerful partnership with Sun Paper is core to our strategy for serving our global packaging customer base," said John Faraci, IP chairman and chief executive officer. "As our key customers expand globally into China and other emerging markets, we will be there to help them grow. This joint venture with Sun Paper enables us to do that."
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