International Paper is acquiring One Rock Capital Partners portfolio North Pacific Paper Company (NORPAC) for $360 million (€305,640,000), aiming to meet increasing demand for lightweight recycled containerboard.
Based in Longview, Washington, NORPAC operates three ‘industry-leading’ machines at its paper mill, which produces approximately one million tons of containerboard and other grades every year.
The facility is anticipated to complement International Paper’s existing mill system, increasing flexibility and lowering costs. Additionally, it is set to expand capabilities in line with growing customer demand for lightweight, high-performance recycled containerboard.
The acquisition – which is subject to regulatory approval – also lines up with International Paper’s intent to maximize value creation for customers, shareholders, and employees.
“This acquisition is a strong strategic fit for our business and supports our long‑term value creation priorities,” said Tom Hamic, executive vice president and president, Packaging Solutions North America, International Paper.
“NORPAC’s attractive customer base, location and operational capabilities strengthen our ability to serve customers in the growing West Coast region. We look forward to partnering with the mill team and its customers to deliver a safe, seamless integration.”
“NORPAC is a high-quality business built on the strength of its first-rate management team and employees,” added Tony Lee, co-founder and managing partner of One Rock Capital Partners.
“We are proud to have achieved together a years-long transformation of NORPAC during our ownership. We believe this transaction with International Paper underscores the value created at NORPAC and positions the company for continued success as part of a larger platform.”
The news comes after International Paper came out on top of a bidding war with Mondi to acquire DS Smith in 2024. The agreement sought to establish a differentiated corrugated packaging company with approximately 90% of revenue from fibre-based packaging, integrating approximately 500k-600k tons of DS Smith’s containerboard into International Paper’s mill system.
This year, International Paper has announced that it will split its business into two independent entities across geographical lines – aiming to decentralize its operations, streamline its footprint, drive targeted reinvestments, and deploy its lighthouse model across North America. Each business will share recently acquired DS Smith assets.
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