International Paper ends divestiture

International Paper, the US-based paper packaging company, has ended efforts to sell its Arizona Chemical and Industrial Papers businesses as part of a restructuring.

International Paper, the US-based paper packaging company, has ended efforts to sell its Arizona Chemical and Industrial Papers businesses as part of a restructuring.

In a press release on Monday, International Paper said this announcement "should put to rest the uncertainty surrounding the future for these businesses." The company has also pledged to help both units and focus on making them profitable.

International Paper's plan to sell the Arizona Chemical and Industrial Papers businesses was part of a broader effort to sell $3 billion (€3.04bn) in assets under the company's restructuring so it could focus on core assets.

Last November, a year after the paper-products company announced plans to sell Arizona Chemical, it announced plans to sell Industrial Papers.

Arizona Chemical, a Florida-based supplier of chemicals to the adhesives, inks and coatings markets, employs 1,800 people. It has seven manufacturing plants in the US and seven in Europe.

Industrial Papers, Kaukauna, Wisconsin, produces lightweight papers used in the food packaging and hygiene markets, and employs 1,650 people.