International Paper (IP) has concluded the acquisition of SCA Packaging Asia.
International Paper (IP) has concluded the acquisition of SCA Packaging Asia at a sum of $200m (£130m).
IP would now have an additional 13 corrugated box and two specialty packaging facilities in Asia taking its portfolio in the continent to 27 plants. This $3bn paper and packaging firm first announced that it was supposed to purchase the Asian arm of SCA back in April.
Paul Brown, president of IP Asia, asserted that the procurement of SCA has strengthened the industrial packaging business of IP in China, which is the largest corrugated market in the world- and enhanced its presence in Southeast Asia.
Brown went on to add that the company has developed a leadership team in place and their business will be more competitive. The firm is focused to better serve the customers in the fast growing packaging sphere of the world. The acquisition of SCA would mean that the acquiring firm has gained a team of 4,500 employees.
Jan Johannson, the chief executive officer of SCA, opined that the firm is required to concentrate more on the hygiene product business.