ProAmpac Acquires International Paper's Bag Converting Operations For Undisclosed Sum

(RTTNews) - ProAmpac, a global flexible packaging manufacturer, Friday announced the acquisition of the bag converting operations of International Paper Company (IP). The financial terms of the deal were not disclosed.

The acquisition would expand ProAmpac's converting capabilities, as well as improve its ability to deliver customized bag solutions.

CEO Greg Tucker commented, "ProAmpac's acquisition of IP's bag operation supports our Fiberization of Packaging initiatives, helping us better serve customers by extending our expertise in material science to the US west coast with additional capabilities and redundancies."

Currently, IP is trading at $46.48, down 0.36 percent on the New York Stock Exchange.