International Paper Co. said on April 26 it has agreed to buy the Asian packaging business of Swedish paper company SCA AB for $200 million in cash.
International Paper expects to complete the purchase in the second quarter, pending Chinese regulatory approval.
The SCA packaging business in Asia, concentrated in China, consists of 13 corrugated box plants and two specialty packaging facilities. International Paper has 12 corrugated box plants in Asia, also mostly in China.
The SCA unit has 4,500 employees that will join International Paper. IP currently has about 56,000 employees worldwide.
Copyright 2010 The Associated Press.