International Paper Discontinues Divestiture Efforts for Two Business Units
Press release from the issuing company
STAMFORD, Conn., June 17-- International Paper today announced it will discontinue divestiture efforts for its Arizona Chemical and Industrial Papers businesses. Both businesses will remain a part of the company.
International Paper announced its intentions to sell its Arizona Chemical and Industrial Papers businesses in November 2000 and November 2001 respectively, as part of the company's divestiture program. To date, International Paper has completed $3 billion in divestitures from that program.
"After reviewing our options, we have determined that the best course of action for the future of these businesses is to discontinue the divestiture efforts and allow those team members to refocus on profitability and exceeding customers' expectations," said Jim Melican, executive vice president of International Paper. "International Paper will provide support to Arizona Chemical and Industrial Papers to help them win in the marketplace. This announcement should put to rest the uncertainty surrounding the future for these businesses."
Arizona Chemical, a company of International Paper, is a global leader in pine chemistry. Headquartered in Jacksonville, Fla., the company has seven manufacturing plants in the United States and seven in Europe, and supplies pine chemicals to the adhesives, inks and coatings and oleochemicals markets. Arizona Chemical also has research and development capabilities and a network of sales offices throughout the world. The company employs 1,800 people.
The Industrial Papers Business, headquartered in Kaukauna, Wis., produces lightweight papers, densified paper and paper composite structures for a variety of industrial, food packaging, pressure sensitive and hygiene markets. The business employs approximately 1,650 people at sites in Kaukauna, De Pere and Menasha, Wis.; Lancaster, Ohio, and The Netherlands. The business is formerly known as Thilmany, Akrosil and Nicolet.
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