16 December 2004 – Stamford (CT): 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 early next year, 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, and the fine papers business will be a good fit with Mohawk’s strong portfolio of fine paper brands," he added.
Terms of the deal have not yet been finalised.