Smurfit-Stone to Sell Packaging Unit
From Reuters
Smurfit-Stone Container Corp. said it had agreed to sell its consumer packaging segment to private equity investor Texas Pacific Group for about $1.04 billion in cash.
The company, which is in the midst of a turnaround plan, said it planned to use essentially all of the proceeds from the sale to reduce debt.
It said the businesses to be sold employed about 6,600 workers and included four coated recycled boxboard mills, 39 consumer packaging converting operations in the United States and one consumer packaging converting plant in Ontario, Canada.
Shares of Chicago-based Smurfit-Stone rose 15 cents, or 1.2%, to $13.25.
