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International Paper recently announced that it has finalized the sale of its Temple-Inland Building Products division to Georgia-Pacific Building Products for $710 million, 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, International Paper’s chairman and chief executive officer. "We wish the group well in the years ahead."
The division's assets include 15 manufacturing facilities with 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.
A global leader in uncoated paper and industrial and consumer packaging with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa, International Paper employs approximately 70,000 people and is headquartered in Memphis, Tenn. The company’s net sales for 2012 were $28 billion. For more information, visit www.internationalpaper.com.