MEMPHIS, Tenn., July 19, 2013 /PRNewswire/ -- International Paper (NYSE: 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 (NYSE: 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.
SOURCE International Paper