Latest News:
2004
December
Week 50
December
15, 2004 - International
Paper (NYSE: IP) today announced it has signed a non-binding letter of
intent to sell its Fine Papers Business to Mohawk Paper Mills Inc. of
Cohoes, N.Y. The Fine Papers Business includes the writing, text and
covers papers and artist papers segments. The transaction is subject to
approval by the International Paper board of directors as well as
completion of due diligence and financing arranged by Mohawk.
International Paper and Mohawk expect to complete the transaction during
the first quarter of 2005, subject to various conditions and regulatory
approvals. Terms of the transaction are not yet finalized.
Included
in this transaction will be the Hamilton, Ohio, paper mill, the Saybrook,
Ohio, converting center, and the Westfield, Mass., Artist Papers
converting operation. The sale will also include the Strathmore(R), Brite
Hue(R), Via(R) and Beckett(R) brands.
The
Fine Papers Business produces approximately 65,000 tons per year of
Strathmore, Beckett, Via and Brite Hue brands. The business employs
approximately 500 people.
Last updated 16.12.2004