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International Paper Completes Sale of Decorative Products Division

Tuesday, July 02, 2002

Press release from the issuing company

STAMFORD, Conn., July 1- International Paper announced today it has completed the sale of its Decorative Products Division to an affiliate of Kohlberg & Company. Terms of the sale were not disclosed. As a result of the sale, International Paper's former Decorative Products facilities will operate as a new company, Nevamar Company LLC, and will continue to be headquartered in Hanover, Md. The sale of the business includes ten manufacturing sites located at Odenton, Md.; Hampton, S.C.; Chino, Calif., Tarboro and Statesville, N.C.; Franklin, Stuart and Waverly, Va.; Glasgow, Ky.; and Oshkosh, Wis., as well as nine distribution sites. The facilities manufacture high and low pressure laminates, particleboard, man-made veneer, and foam based graphics and insulation products.




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