International Paper sell its corrugated packaging business to Xiamen Bridge Hexing Equity Investment Partnership Enterprise.

Under terms of the transaction, International Paper will receive a total of approximately RMB 1 billion (approximately US$150 million at current exchange rate), subject to post-closing adjustments and other payments, including the buyer's assumption of the liability for loans of approximately US$50 million to be paid to International Paper within six months of closing of the sale.

The transaction is expected to be completed in the next few months, subject to satisfaction of closing conditions, including obtaining required governmental approvals.

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