News

International Paper (IP) has bought Central Lewmar, one of the largest independent packaging and paper merchants in the US, from private equity firm Chrysalis Capital Partners for £92m ($185m).

The New Jersey firm, founded in 1899, has annual sales of £447m. It will become a division of Xpedx, IP's distribution business, and the existing management team will remain in place.

Xpedx supplies printing papers, packaging and graphic supplies and equipment to commercial printers, publishers, manufacturers, retailers and companies across many industries.

It has 105 distribution centres in the US, Canada and Mexico, and reported sales of £3.3bn in 2006.

Tom Kadien, senior vice president of IP and president of Xpedx, said the acquisition would provide "greater access" to important customers, improve efficiency and "enhance the value" of its expanding distribution business.