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.
