IP completes fine paper sale


3 May 2005 – Stamford (CT): 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.