October 25, 2018 / 10:06 PM / 22 days ago

International Paper considers sale of Brazil packaging unit

SAO PAULO (Reuters) - International Paper Co (IP.N) is considering the sale of its cardboard packaging unit in Brazil, the company confirmed in a statement.

Brazilian newspaper Valor Economico reported the potential sale earlier on Wednesday citing sources. The newspaper said the unit is not profitable.

In a statement to Reuters, International Paper said it is “exploring strategic options for the packaging business in Brazil, including a potential sale”.

International Paper, which reported its third-quarter results on Thursday, booked a $122 million loss in its financial statement related to assets in the country, Valor said.

International Paper also owns a paper unit in Brazil.

Reporting by Tatiana Bautzer; editing by Jonathan Oatis and Cynthia Osterman

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