IP to sell two business units

20 December 2006 — Memphis (TN): International Paper (IP) has agreed to sell its beverage packaging operations to Carter Holt Harvey for $500 million and its Arizona Chemical business to Rhone Capital for $485 million.

The sales come amid the company’s recent change in strategy that has led to divestitures of $11 billion.

 

Both sales are expected to close during Q1.