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This business includes three containerboard mills and four box plants. This agreement follows International Paper's previously announced strategic review of the Brazil packaging business. The transaction is expected to close in the second half of 2020, subject to certain closing conditions and regulatory approvals. The company will continue to run its Papers and Forestry businesses in Brazil.

IP is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa and Russia. Headquartered in Memphis, Tenn., the company produces corrugated packaging products, and employs more than 50,000 colleagues and serve more than 25,000 customers in 150 countries. Net sales for 2019 were $22 billion.

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