Date: Thursday April 6, 2006 11:20:00 am
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IP agrees sale of 5.1 million acres in US
April 2006 – Stamford (CT): International Paper has announced an agreement to sell approximately 5.1 million acres of forestlands in the US for aggregate proceeds of approximately $6.1 billion.
The agreement, which involves two separate investor groups, means the company has sold approximately 85 per cent of its US forestland holdings.
“These agreements for the sale of forestland at very attractive valuations are important steps forward in our plan to increase our focus and improve returns to shareholders,” said IP’s chairman and CEO John Faraci.
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