International Paper – one of the world’s largest paper consortiums – has entered into exclusive negotiations with the German PALM Group after receiving an irrevocable offer for the purchase of five corrugated box plants in Europe:
- Three plants in Normandy, France, including one box plant in Saint-Amand, one box plant in Mortagne, and one sheet plant in Cabourg
- One box plant in Ovar, Portugal, and:
- One box plant is in Bilbao, Spain.
Wood Central understands that once consultation processes with the French Works Council and other processes are conducted, both parties are expected to enter into a definitive share purchase agreement.
“Finding the right buyer for these five facilities has been a top priority for our team since the acquisition of DS Smith, and I’m pleased that we have found one in PALM,” said International Paper Chairman and CEO Andy Silvernail.
The sale of these plants was agreed to with the European Commission as a remedy for International Paper’s acquisition of DS Smith Plc. The conclusion of the divestment is subject to the European Commission’s approval of the proposed purchaser.
As a result of this disposal, International Paper will have satisfied all of its obligations towards the European Commission in connection with the acquisition of DS Smith Plc. PALM is one of the leading European producers of containerboard, graphic paper and corrugated packaging.
International Paper is the global leader in sustainable packaging solutions. Its net sales for 2024 were $18.6 billion. Last year, International Paper acquired DS Smith, creating an industry leader focused on the attractive and growing North American and EMEA regions.
