International Paper sold its India-based printing paper business
The New York Stock Exchange-listed International Paper, the US-based paper major, has completed the sale of its controlling interest in International Paper APPM Limited, an India-based printing paper business, to West Coast Paper Mills Limited for about $85 million.
The news of sale had impacted the company's scrip performance.
International Paper intends to pursue suitable alternatives to divest its remaining 20 per cent ownership interest (7,954,008 shares) in APPM. Following a recent buyout, it divested about 55 per cent stake. And earlier it had divested about 17 per cent stake in the paper company located in Andhra Pradesh.
International Paper is a leading global producer of renewable fibre-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa and Russia.
Following this development, WCPM has acquired control of the company. While the Board headed by W Michael Amick Jr., of IP APPM resigned, SK Bangur, as CMD, Rajendra Jain, Anish T Mathew, Sudershan Somani and Arun Kumar Surekha, have been appointed as Directors.
Saurabh Bangur will take over as the company CEO.