Sep 24, 2012. /Lesprom Network/. International Paper entered into a binding agreement with Sabanci Holdings to purchase their stake in the companies’ Olmuksa joint venture in Turkey, as the company said in the press release received by Lesprom Network. Maximo Pacheco SVP and President of International Paper EMEA said: “Currently, we are the market leader with 15% market share and the buy-out compliments the DS Smith acquisition there last year” he said adding that “this is a clear sign of our commitment in the region to our employees, customers and suppliers”. Commenting on the agreement Jon Ernst, VP of EMEA Packaging also hailed the agreement declaring: “Turkey is an exciting growth opportunity for International Paper. It’s the 7th largest corrugated packaging market in Europe and is set to grow at healthy levels over the coming decade. It also represents a potential growth platform to the Middle-East”. Tugrul Arikan Manager Director of OLMUKSA said: “I’m excited because not only does the deal represent opportunities to build on our performance, its also signals long term stability in Turkey, access to International Paper best practices in everything from manufacturing to finance and an even greater range of employee opportunities than ever before given the global nature of IP’s packaging business”.