Memphis, Tennessee, USA 20 September 2012 -- International Paper is strengthening its foothold in the Turkish packaging market. The company is planning to take full control of joint venture company Olmuksa-International Paper in Turkey.

International Paper (IP) will acquire the 50 % stake in Turkish packaging company Olmuksa-International Paper (Olmuksa) it does not already own. The group announced it had entered into a binding agreement with its joint venture partner Sabanci Holdings to buy out their shares. The companies did not reveal the purchase price.

According to IP, the Olmuksa joint venture is a leader in the packaging sector in Turkey with a market share of 15 %. The company has three sites located in Bursa, Edirne and Gebze in north-western Turkey. It produces corrugated containers for the industrial and consumer packaging segments, and offers packaging solutions. Moreover, the company offers graphic printing on paperboard materials. The business focuses mostly on fresh fruit & vegetable packaging.

The acquisition is aimed at strengthening IP's position on the Turkish packaging market. Jon Ernst, Vice President of IP's EMEA Packaging business, said: "Turkey is an exciting growth opportunity for International Paper. It's the 7^th largest corrugated packaging market in Europe and is set to grow at healthy levels over the coming decade".