MEMPHIS, TN – International Paper has signed a definitive agreement to sell 13 lumber mills to West Fraser Timber Co. Ltd. of Vancouver, BC, for approximately $325 million in cash, subject to certain adjustments. The transaction is expected to close in the first quarter of 2007, subject to various closing conditions, including receipt of regulatory controls and other customary conditions.
The transaction includes lumber mills in Citronelle, Maplesville and Opelika, AL; Leola, AR; McDavid and Whitehouse, FL; August and Folkston, GA; Armour and Seaboard, NC; Newberry, SC; and New Boston and Henderson, TX. The mills employ approximately 2,200 people and have a combined production capacity of approximately 1.8 billion board feet.
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