10 November 2004 – Stamford (CT): International Paper (IP) has agreed to sell its woodlands in Maine and New Hampshire to GMO Renewable Resources, a private forest management company, for approximately $250 million.
However the companies have signed a long-term agreement to supply wood fibre from the forests, totalling approximately 1.1 million acres, to IP’s Maine paper mills in Jay and Bucksport.
George O’Brien, IP’s SVP of forest products, said: "Our decision to sell these forestlands is based on achieving a superior value for our forestlands while maintaining our ability to provide for the wood fibre needs of our two Maine mills."
The sale is expected to be completed by the first quarter of 2005.
