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Management Side
International Paper to Sell 163,000 Acres of Real Estate Properties
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Memphis, Tennessee, USA 22 July 2010 -- /PRNewswire/ -- International Paper (NYSE: IP) announced today that it reached an agreement to sell 163,000 acres of properties in the southeastern United States for approximately USD 200 million in a transaction with an affiliate of Rock Creek Capital. A minimum of USD 160 million will be received at closing, with the balance, plus interest, to be received no later than three years from closing. In addition, IP will receive 20% of the partnership's net profits after it achieves certain financial returns.

 

"This sale will substantially complete the monetization of our forest land and realty holdings," said Dave Liebetreu, International Paper's vice president, global sourcing and forest resources. "The transaction represents good value in this economic environment and allows us to participate in the upside potential as the real estate market recovers."

The transaction is expected to close in the third quarter of 2010.

International Paper (NYSE: IP) is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia, and North Africa. Its businesses include industrial and consumer packaging and uncoated papers, complemented by xpedx, the company's North American distribution company. Headquartered in Memphis, Tennessee, the company employs more than 60,000 people in more than 20 countries and serves customers worldwide. Net sales in 2009 were approximately USD 23 billion. For more information about International Paper, its products, and stewardship efforts, visit internationalpaper.com.

 

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