International Paper Completes Sale of Polyrey to Illinois Tool Works Inc.
Brussels, Belgium, 04 December 2006 - International Paper has completed the previously announced sale of its Polyrey business to Illinois Tool Works Inc. (ITW), following approval of the regulatory authorities. Details of the transaction were not disclosed.
Polyrey specializes in the manufacture and marketing of decorative surfaces, such as laminate sheets, boards, and engineered components. It has approximately 750 employees in France, Belgium, the United Kingdom, and Spain. "Polyrey is a good business with a strong brand, and as part of ITW, will be well positioned for future success," said Eric Chartrain, chairman of International Paper S.A.
About ITW / Wilsonart
A multibillion dollar company with more than 90 years of history, Illinois Tool Works Inc. (ITW), Glenview, Illinois, today designs and manufactures fasteners and components, equipment and consumable systems, and various specialty products and equipment for customers around the world. The company operates more than 700 decentralized business units. ITW employs approximately 50,000 people worldwide.
Wilsonart International, based in Temple, Texas, is a business unit of Illinois Tool Works Inc, and a leading manufacturer of decorative surfacing products.
About International Paper
Headquartered in the United States, International Paper (NYSE: IP) has been a leader in the forest products industry for more than 100 years. The company is currently transforming its operations to focus on its global uncoated papers and packaging businesses, which operate and serve customers in the United States, Europe, South America, and Asia. These businesses are complemented by an extensive North American merchant distribution system. International Paper is committed to environmental, economic, and social sustainability, and has a long-standing policy of using no wood from endangered forests. To learn more, visit www.internationalpaper.com.