MEMPHIS, TN – International Paper has agreed to sell five wood products mills to Georgia-Pacific for approximately $237 million. The facilities included in the sale are three plywood and lumber complexes in Camden, TX; Springhill, LA; and Gordon, AR; plus a plywood mill in Corrigan, TX; and an engineered wood products mill in Thornsby, AL. The mills employ approximately 2,400 people.
“This agreement substantially completes the sale of our wood products business, part of our transformation plan to become a more focused, more profitable company,” said John Faraci, IP chairman and CEO. “We now have sale agreements in place for each of the businesses we planned to divest as part of the transformation plan and expect to complete the transactions early in 2007.”
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