International Paper closes Moroccan deal |
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Published
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Tue, 31 Jul 2007 20:38
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MEMPHIS, Tenn. (AP) - Paper and packaging company International Paper said Tuesday it completed the purchase of the remaining shares of a Moroccan packaging company for $40 million.In October 2005, International Paper acquired about 65 percent of Cie. Marocaine des Cartons et des Papiers (CMCP), which operates four box plants and a recycled containerboard mill in Morocco.In July the company signed an agreement with its joint venture partner Cofipac to buy the remaining shares in CMCP, which reported sales of $145 million in 2006, for about $40 million.International Paper will now manage the company as part of its European Container business.International Paper shares rose 21 cents to $37.64 in afternoon trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Moroccan govt to sell 4 pct of Maroc Telecom, retain 30 pct holding 