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International Paper
IP today announced that it has finalized the sale of its Temple-Inland Building
Products division to Georgia-Pacific Building Products, LLC for $710 million
in cash, subject to customary closing adjustment. "We are pleased to have
closed on this transaction and I would like to acknowledge and thank all the
employees on the building products team for their continued dedication to
their customers, safety and business results during this transition period,"
said John Faraci, Chairman and Chief Executive Officer. "We wish the group
well in the years ahead."
The division's assets include 15 manufacturing facilities: five solid wood
mills, four particleboard plants, one medium-density fiberboard plant, one
fiberboard plant and four gypsum wallboard plants. The facilities are located
across eight states, primarily in the southeastern and eastern portions of the
United States, with access to five of the top 12 housing markets.
International Paper
IP is a global leader in packaging and paper with
manufacturing operations in North America, Europe, Latin America, Russia, Asia
and North Africa. Its businesses include industrial and consumer packaging and
uncoated papers, complemented by xpedx, the company's North American
distribution company. Headquartered in Memphis, Tenn., the company employs
approximately 70,000 people and is strategically located in more than 24
countries serving customers worldwide. International Paper net sales for 2012
were $28 billion. For more information about International Paper, its
products and stewardship efforts, visit internationalpaper.com.
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