International Paper Completes Sale of 13 Lumber Mills to West Fraser Timber Co.

[Tennessee] International Paper (NYSE: IP) has completed the sale of 13 lumber mills to West Fraser Timber Co. Ltd. for approximately $325 million. The sale was announced in November 2006. The transaction includes lumber mills in Citronelle, Maplesville and Opelika, Ala.; Leola, Ark.; McDavid and Whitehouse, Fla.; Augusta and Folkston, Ga.; Armour and Seaboard, N.C.; Newberry, S.C.; and New Boston and Henderson, Texas. The mills employ approximately 2,200 people and have a combined production capacity of approximately 1.8 billion board feet.

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