In the USA, Stone Arcade Acquisition Corp has purchased the kraft papers business of International Paper for some $155M and two payments totaling up to $60M, payable five years from the close of the transaction, contingent upon business performance. The kraft papers business includes the Roanoke Rapids, NC, mill, and the Ride Rite dunnage bag plant at Fordyce, Arkansas.
The acquired business, which will now be known as KapStone Paper and Packaging Corp, produces approximately 400,000t of kraft papers, used in a variety of products including approximately 9M Ride Rite bags. The business employs approximately 700 people.
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