MEMPHIS, Tenn. and BRUSSELS, Belgium, July 31 /PRNewswire-FirstCall/ -- International Paper today completed the purchase of the remaining shares of Compagnie Marocaine des Cartons et des Papiers (CMCP). The company announced on July 12 it had signed an agreement with its joint venture partner Cofipac to acquire their shares in CMCP for approximately $40 million. The Moroccan packaging company is now wholly owned by International Paper and will be fully managed as part of the company's European Container business.
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CMCP has approximately 1,500 employees and operates four box plants and one recycled containerboard mill in Morocco. CMCP produces corrugated packaging materials for the industrial and agricultural markets. In 2006, CMCP had sales of approximately US$145 million.
International Paper , founded in 1898, is a global uncoated paper and packaging company with primary markets and manufacturing operations in North America, Europe, Russia, Latin America, North Africa and Asia. Its uncoated papers and packaging businesses are complemented by xpedx, North America's largest distributor of printing papers and graphics supplies and equipment. Headquartered in the United States, International Paper employs approximately 54,000 people in more than 20 countries, and serves customers worldwide. Annual sales are about $22 billion. International Paper partners with customers and environmental, academic, civic and governmental organizations, as well as landowners and harvesting professionals, to encourage responsible forest stewardship, improve the health and productivity of forestlands and increase recovery of our recyclable products. The company has a long-standing policy of using no wood from endangered forests. To learn more about International Paper, its products and commitment to economic, social and environmental sustainability, visit http://www.internationalpaper.com/.
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