International Paper completed the sale of its Flexible Packaging business to Exo-Tech Packaging LLC.
"The decision to sell Flexible Packaging was a difficult one for International Paper, but we are confident that Exo-Tech Packaging will grow as a focused, independent business," said Tom Gestrich, senior vice president, Consumer Packaging, International Paper.
The sale of the Flexible Packaging Business is in conjunction with IP's plans to divest businesses that no longer fit its long-term strategy.
Exo-Tech Packaging, (formerly Flexible Packaging) supports such end uses as pet food, charcoal, building materials and lawn and garden products. The business has 10 facilities including a prominent product development and graphics center. The corporation will be headquartered in Spartanburg, S.C.
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