MEMPHIS, Tenn. (News release) -- International Paper, a leader in sustainable packaging solutions, has completed the acquisition of North Pacific Paper Company (NORPAC), a portfolio company of One Rock Capital Partners, for $360MM.
The acquisition brings together two strong teams, high-quality products, and a shared commitment to serving customers. Adding NORPAC to the International Paper portfolio will enhance system flexibility and expand capabilities.
"Today is an important milestone for the NORPAC team and for Longview as we officially become part of International Paper," said Craig Anneberg, CEO, NORPAC. "I'm proud of our employees for what we've built here, and joining International Paper gives us the opportunity to build on that foundation. We're committed to continuing our role as a strong employer and community partner in Longview."
"We're proud to welcome the NORPAC team to International Paper and look forward to what we will accomplish together," said Tom Hamic, Executive Vice President and President, Packaging Solutions North America, International Paper. "NORPAC is a strong strategic fit for our business and expands our capabilities to support growing customer demand for lightweight high-performance packaging grades while improving service to our West Coast customers."
The acquisition of NORPAC is part of International Paper's strategic transformation to maximize value creation for customers, employees and shareholders.
About International Paper (NYSE: IP; LSE: IPC)
International Paper creates sustainable packaging solutions that enable our customers, teammates and shareowners to thrive in an ever-changing world. We are a leader in corrugated packaging, partnering with customers across industries to protect what matters most, strengthen supply chains and create lasting value. Learn more at internationalpaper.com.
About NORPAC
NORPAC is a Longview, Washington based producer of environmentally sustainable lightweight recycled packaging papers. Having operated for approximately a half-century, NORPAC prides itself on innovation and successful adaptation to changes in society, technology, business and the environment. For more information, visit www.norpacpaper.com
About One Rock Capital Partners, LLC
One Rock makes investments in companies with potential for growth and operational improvement using a rigorous approach that utilizes highly experienced Operating Partners to identify, acquire and enhance businesses in select industries. The involvement of these Operating Partners affords One Rock the ability to conduct due diligence and consummate acquisitions and investments in all types of situations, regardless of complexity. One Rock works collaboratively with company management and its Operating Partners to develop a comprehensive business plan focused on growing the enterprise and its profitability to enhance long-term value. For more information, visit www.onerock.com.