International Paper has signed a definitive agreement to sell its coated and supercalendered papers business to CMP Holdings LLC, an affiliate of Apollo Management L.P. for about $1.4 billion, subject to certain post- closing adjustments. Apollo Management is a private investment firm.
The coated and supercalendered papers business includes four paper mills, located in Jay, Maine; Bucksport, Maine; Quinnesec, Mich.; and Sartell, Minn. The transaction is expected to close by the middle of this summer, subject to various closing conditions including receipt of financing, regulatory approvals and other customary conditions.
The transaction is part of IP's previously announced transformation plan to focus on uncoated papers and industrial and consumer packaging globally. Expected proceeds from divestitures announced to date, including coated papers, are approximately $9.1 billion.
IP's coated and supercalendered papers business annually produces about 2 million tons of coated freesheet and coated groundwood papers for the magazine, catalog and retail insert markets.
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