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International Paper Completes Sale of OSB Facilities

Press release from the issuing company

STAMFORD, Conn., April 2 -- International Paper today announced the completion of the sale of its Oriented Strand Board (OSB) facilities to Nexfor Inc. The sale of the Oriented Stand Board facilities is in conjunction with International Paper's plans to divest businesses that no longer fit its long-term strategy. "The OSB sale brings our divestment total to $3 billion," said John Dillon, chairman and chief executive officer of International Paper. The facilities, which are located in Jefferson and Nacogdoches, Texas, and Cordele, Ga., employ a total of 456 people. The plants are part of IP's Panels & Engineered Wood business, headquartered in Savannah, Ga. The sale of the OSB facilities does not affect the remaining facilities in the company's Panels & Engineered Wood business. After the sale, IP's Panels & Engineered Wood business, which is part of the company's Forest Products group, will include five plywood mills, two utility pole plants, one laminated veneer lumber mill and two distribution centers. These sites manufacture and distribute high-quality wood products used for residential and commercial construction throughout North America and Europe.