International Paper (IP) will sell its foodservice business in China to Huhtamaki Hong Kong Limited, consisting of two plants and 200 employees.
The transaction is expected to be completed in the next couple of months, subject to satisfaction of closing conditions, including obtaining required governmental approvals.
Over the last two years, the company has finalized the sale of its corrugated packaging business in China and Southeast Asia, along with the sale of its interest in a coated board joint venture business in China.
Although the Chinese and Asian markets remain strategically important for IP, the company has determined these markets can more effectively be served through its joint venture in Russia and with products exported from the US and other parts of the world.
