International Paper has finalised its $360m purchase of North Pacific Paper Company (NORPAC) from One Rock Capital Partners.
The transaction was announced in April this year.
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Based in Longview, Washington, Norpac makes lightweight recycled packaging paper and operates a paper mill with 500 employees and three paper machines.
The site produces approximately one million tonnes a year of containerboard and other paper grades.
Norpac CEO Craig Anneberg said: “Today is an important milestone for the Norpac team and for Longview as we officially become part of International Paper.
“I’m proud of our employees for what we’ve built here, and joining International Paper gives us the opportunity to build on that foundation. We’re committed to continuing our role as a strong employer and community partner in Longview.”
International Paper said the addition of Norpac will increase flexibility in its system and broaden its capabilities.
The deal forms part of its transformation aimed at creating value for customers, employees and shareholders.
International Paper executive vice-president and North America Packaging Solutions president Tom Hamic commented: “We’re proud to welcome the Norpac team to International Paper and look forward to what we will accomplish together.
“Norpac is a strong strategic fit for our business and expands our capabilities to support growing customer demand for lightweight high-performance packaging grades while improving service to our West Coast customers.”
Last year, International Paper completed the acquisition of DS Smith, a UK-headquartered packaging company.
