International paper to sell kraft papers business.International Paper (IP), headquartered in Stamford Stamford, town, England Stamford, town (1991 pop. 18,127), in the Parts of Kesteven, Lincolnshire, E central England, on the Welland River. It is a market town. Products include diesel engines, electrical equipment, bricks, and tiles. , Conn., has signed a definitive agreement to sell its kraft papers business to Stone Arcade arcade, series of arches supported by columns or piers. An arcade may stand free; if it is attached to a wall it is called a wall arcade or a blind arcade. The earliest-known arcades were in Roman architecture, in which piers, ornamented with engaged columns carrying Acquisition Corp., Northfield, Ill., for about $155 million in cash, subject to certain closing and post-closing adjustments and two payments totaling up to $60 million, payable five years from the close of the transaction, contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent business performance. International Paper's kraft papers business generated approximately $220 million in sales in 2005 and includes the Roanoke Rapids Roanoke Rapids, industrial city (1990 pop. 15,722), Halifax co., N N.C., on the Roanoke River near the Virginia line; founded 1893, inc. 1931. The city's industries include health care, paper products, lumber, transportation, vehicle parts, and printing and publishing. , N.C., paper mill and the Ride Rite dunnage DUNNAGE, mer. law. Pieces of wood placed against the sides and bottom of the hold of a vessel, to preserve the cargo from the effect of leakage, according to its nature and quality. 2 Magens, 101, art. 125, 126 Abbott on Shipp. 227. bag plant in Fordyce, Ark. The agreement is part of IP's previously announced transformation plan to focus on uncoated papers and packaging. Proceeds from divestitures announced to date, including kraft papers, total nearly $9.3 billion. The sale is expected to close in the third quarter of 2006, subject to satisfaction of various closing conditions, including regulatory approval and approval by Stone Arcade shareholders. After closing, the company will be called KapStone Kraft Paper Corp., a division of KapStone Paper and Packaging Corp. Tim Keneally, currently vice president of IP's kraft papers business, will lead the KapStone Kraft Paper business. "The acquisition of IP's kraft papers business is an important first step for our company, Stone Arcade," Roger Stone, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Stone Arcade, says. "It provides us with a very solid platform from which we hope to expand. We look forward to working with the current management group to develop internal growth opportunities while we simultaneously explore strategic acquisitions," he adds Stone is a paper industry veteran. He served as the chairman and CEO of Stone Container Corp., which merged with Smurfit Container Corp. in 1998, creating Smurfit-Stone Container Smurfit-Stone Container Corporation (NASDAQ: SSCC) is an American paperboard and paper-based packaging company based in Chicago, Illinois. It has approximately 38,600 employees. Smurfit-Stone was formed in 1998 as a result of the merger between Jefferson Smurfit Corp. . International Paper's kraft papers business produces approximately 400,000 tons of kraft papers, used in a variety of end-use products, including approximately 9 million Ride Rite dunnage bags. |
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