International Paper Shandong Sun Paper are to form a 50:50 joint venture for coated board production in Yanzhou City, China. It includes two existing coated paperboard machines in Yanzhou and construction of a third, to be completed in late 2007. IP's investment in the venture is expected to be approximately $140M.
"Expanding our coated board production in China through this powerful partnership with Sun Paper is core to our strategy for serving our global packaging customer base," says John Faraci, IP chairman and ceo. "As our key customers expand globally into China and other emerging markets, we will be there to help them grow."
Li Hong Xin, chairman of Sun Paper adds: "Sun Paper will merge its strong sales network in China with advanced technology and management experience from International Paper, to provide world class products and services to paper products customers in the fast growing Chinese market."
IP currently produces coated board in the US, Poland and Russia. Shandong Sun Paper is one of the largest paper manufacturing companies in China, with significant business in coated paper and board. It has focused on developing high end coated board and communications paper.
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