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International Paper Ends Discussions to Sell Decorative Products Division

Press release from the issuing company

HANOVER, Md., Feb. 7-- International Paper announced today it has ended discussions to sell its Decorative Products Division to Panolam Industries of Shelton, Conn. The previously announced Letter of Intent with Panolam expired September 17, 2001 but, until recently, both parties had continued discussions in order to try and reach a final agreement. Headquartered in Hanover, MD, the Decorative Products division is part of International Paper Company. It has 13 manufacturing facilities and 17 distribution and customer service centers in North America and Europe. The division manufactures products used in graphic arts, commercial interiors and wood-based panels integral to design-oriented products. The markets served include residential and commercial construction, furniture, store fixtures, graphic arts and specialty niche markets. The business employs approximately 3,300 employees worldwide.