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International Paper Closes on Sale of Hydroelectric Facility in New York

Press release from the issuing company

STAMFORD, Conn., July 10 - International Paper announced today it has completed the sale of its Curtis/Palmer hydroelectric generating project in Corinth, New York, to TransCanada PipeLines Limited. The transaction price was $285 million. International Paper first announced its plans to sell the Curtis/Palmer facility in November of 2000 as part of International Paper's plans to divest assets that no longer fit the company's long-term business strategy. International Paper (http://www.internationalpaper.com) is the world's largest paper and forest products company. Businesses include paper, packaging, and forest products. As one of the largest private forest landowners in the world, the company manages its forests under the principles of the Sustainable Forestry Initiative (SFI(SM)) program, a system that ensures the perpetual planting, growing and harvesting of trees while protecting wildlife, plants, soil, air and water quality. Headquartered in the United States at Stamford, Conn., International Paper has operations in nearly 50 countries, employs more than 113,000 people and exports its products to more than 130 nations.