International Paper Completes Stake in APPM
"As we complete this phase of the process and move into majority ownership, International Paper is well-positioned to help serve a rapidly growing Indian market," said John Faraci, International Paper Chairman and Chief Executive Officer. "We look forward to building on Andhra Paper's tradition of excellence while introducing the global best practices that make International Paper an industry leader. We are delighted to welcome these new employees to International Paper."
APPM is one of the leading integrated paper manufacturers in India, and operates two mills with a combined annual capacity of 250,000 tonnes of uncoated freesheet paper. The existing management team and 2,500 employees of APPM will continue to operate the business, supplemented by additional International Paper leadership and professional and technical resources.