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    International Paper Completes Acquisition of Sabanci Shares in Olmuksa Corrugated Packaging Joint Venture in Turkey, Becomes Majority Shareholder

    Brussels, Belgium / Istanbul Turkey – January 03, 2013: I.P. Container Holdings (Spain), S.L. (“International Paper”) has completed the acquisition of the shares of its joint venture partner H.Ö. Sabancı Holding Anonim Şirketi (“Sabanci”) in the Turkish corrugated packaging company Olmuksa-International Paper Sabancı Ambalaj Sanayi ve Ticaret Anonim Şirketi (“Olmuksa”), for a purchase price of 7.1 TRL/share or 101.2MM TRL ($56MM). International Paper had obtained regulatory approval for the deal in the fourth quarter of 2012.

    The deal sees International Paper become the majority shareholder, owning approximately 87.5 percent of Olmuksa’s outstanding shares. The change of control triggers a mandatory call for tender of the remaining public shares (approximately 12.5 percent float) of Olmuksa which will be conducted in line with the regulations of the Turkish Capital Markets Board.

    “Packaging is a core business for International Paper and this deal follows our commitment to expand profitably our strong global platform and regional presence”, said Maximo Pacheco, President of International Paper Europe, Middle East & Africa (EMEA). He added “It is an exciting opportunity to grow and serve our customers in a strategically important geography.”

    The Turkish corrugated market is currently the 7th largest in Europe with expected continued average growth rates of greater than 5% annually. The country is also strategically positioned to serve as potential growth platform to the Middle-East.

    The parties agreed that Olmuksa will change its company and brand name as well as its trademarks to remove any reference to “Sabanci” within six months following the completion of the transaction.

    As a result of the change in ownership structure, the composition of the Olmuksa Board of Directors has changed as follows: Jonathan Edward Ernst is being appointed Chairman of the Board while Vincent Bonnot is being appointed Vice Chairman. Mehmet Nurettin Pekarun and Seyfettin Ata Köseoğlu are resigning from the Board and are being replaced by Jesus Francisco Boveda Berard and Danny Camiel Marguerite Pieters. Metin Ünlü and Atil Saryal remain Directors of the Board. Signature authorities are being revised as well.

    For more information about International Paper please visit


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