IP to sell stake in Carter Holt Harvey



17 August 2005 – Stamford (CT): International Paper (IP) has agreed to sell its 50.5 per cent stake in New Zealand-based Carter Holt Harvey to Rank Group Investments.


IP chairman and CEO John Faraci said: "This is an important first step in IP’s transformation plan to improve returns, strengthen the balance sheet and return cash to shareowners by narrowing our focus to two key platform businesses (uncoated papers and packaging) and exploring strategic options for others."


Proceeds from the sale are expected to be about NZ$1.65 billion ($1.16 billion).