Oct 25, 2012. /Lesprom Network/. International Paper (IP) and Brazilian corrugated packaging producer Jari Celulose, Embalagens e Papel S/A, a Grupo Orsa company, have entered into an agreement to form a joint venture which will support IP's strategy of growing its global packaging presence and better serving its global customer base, as the company said in the press release received by Lesprom Network. Jari's industrial packaging assets, including three containerboard mills and four box plants, will be separated from its pulp and forestry businesses and transferred to a newly formed company in which IP will hold a 75% stake. IP's investment in the joint venture will be BRL 952 million ($470 million). "This partnership fits well with International Paper's strategy to globally grow our corrugated packaging business in strategic regions of the world," said John Faraci, Chairman and CEO. "We are excited about Brazil's growing market and this investment provides us with an attractive position with a strong return on investment." With an agreement now in place, the companies expect to finalize the transaction early in the 1Q 2013, subject to various closing conditions and governmental approvals. The company will discuss the agreement, during its 3Q earnings webcast on Thursday, October 25th. International Paper (IP) is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include uncoated papers and industrial and consumer packaging, complemented by xpedx, the company's North American distribution company.