Hong Kong: Leading international law firm Clifford Chance has advised Stockholm-listed SCA on the sale of its Asian packaging business to International Paper for US$200 million.
In 2009, SCA had annual sales of EUR10.5 billion and about 50,000 employees. The divested business includes 4,500 employees at 15 plants in China, Singapore, Malaysia and Indonesia.
International Paper is a global paper and packaging company, which employs about 56,000 people in more than 20 countries and serves customers worldwide.
“We are pleased to have assisted SCA on this strategic transaction,” said partner Amy Ho, who led the team advising the company.
“Our teams are seeing a number of similar transactions, as global companies reshuffle plans and portfolios following the financial crisis to ensure their businesses in Asia are aligned to take advantage of the new opportunities in this region.”
Amy was assisted on the transaction by senior associate Nicole McMahon in Hong Kong and by senior associate Ming Yen Yip and associate Unice Tao in Shanghai. Beijing counsel Ninette Dodoo and associate Jiajia Gao advised on antitrust aspects of the transaction.
the region, enjoying a market leading reputation across practices.