IP North America consumer packaging business transfers to Graphic Packaging
International Paper has announced that it has completed the transfer of its North America consumer packaging business to Graphic Packaging. As a result of the transaction, Graphic Packaging has assumed $660 million of IP debt. IP now holds a 20.5% ownership interest in the subsidiary of Graphic Packaging that holds the assets of the combined business. The transferred business includes approximately 3900 employees, two coated paperboard mills and three converting facilities in the US, along with one converting facility in the UK.