IP sells off fine paper

International Paper (IP) is to sell its fine paper business to Mohawk Paper Mills, the company has announced.

The sale, which is expected to be completed in early 2005, includes IP’s paper mill in Hamilton, Ohio, a converting centre in Saybrook, Ohio, and an artist papers converting operation based in Westfield, Massachusetts.

Greg Gibson, VP and general manager at IP’s commercial printing and imaging papers business, said: "Although it’s a good business run by many dedicated employees, it is a relatively small segment of our uncoated paper business, and the decision to sell it is consistent with the choices we are making to improve our portfolio and profitability.

"This sale will allow IP to intensify our focus on our primary product segments," he added.

In December, IP also announced the completion of its sale of 1.1 million acres of woodlands in Maine and New Hampshire to GMO Renewable Resources, a private forest management company, for approximately $250 million.

Stamford (CT)