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International Paper Completes Sale of Fine Papers Business to Mohawk

Press release from the issuing company

STAMFORD, Conn., May 2 -- International Paper has completed the sale of its Fine Papers business to Mohawk Paper Mills, Inc., of Cohoes, N.Y. Subject to certain adjustments to be made after closing, the company anticipates cash proceeds from the transaction will be approximately $60 million. The Fine Papers Business includes the writing, text and cover papers and artist papers segments. Included in the sale are the Hamilton, Ohio, paper mill, with an annual production capacity of approximately 65,000 tons; the Saybrook, Ohio, converting center; and the Westfield, Mass., artist papers converting operation. The business employs approximately 500 people. The sale also includes the Strathmore, Brite Hue, Via and Beckett brands.