International Paper (IP) has completed the sale of its fine paper business to Mohawk Paper Mills.
The paper and forestry giant expects cash proceeds from the sale to be approximately $60 million, subject to certain adjustments after closing, it announced.
The sale includes IP’s paper mill in Hamilton, Ohio, a converting centre in Saybrook, Ohio, and an artist papers converting operation based in Westfield, Massachusetts.
In separate news, IP posted its highest sales figures in four years in April. Q1 earnings came in at $77 million, or EPS of $0.16, up from $73 million, or EPS of $0.15, registered last year.
Sales lifted from $6.1 billion to $6.6 billion.