International Paper Selling Lumber Unit To Georgia-Pacific
International Paper Co. is selling its building products unit to Georgia-Pacific LLC for $750 million cash, a move designed to sharpen focus on its massive packaging business.
The sale had been expected since IP acquired the unit, which sells lumber and particle board for home construction, as part of its $3.7 billion buyout of smaller rival Temple-Inland earlier this year.
IP is the largest North American producer of corrugated packaging, commonly used to make shipping boxes. Amazon.com Inc. is one of IP’s largest customers.
The sale gives IP more cash to invest in the packaging business.
Georgia-Pacific will get the unit’s 16 manufacturing facilities located primarily in southeastern and eastern United States, regions that are expected to see new home construction when the economy recovers.
From Reuters: reuters.com.
Latest News
Housing Starts Increase In April
Housing starts across the U.S. increased in April 2.2% to 1.4 million according the U.S. Census Bureau and U.S. Department of Housing and Urban Development, New Residential Construction report released May 17. Notably, this is 22.3% lower than April 2022’s 1.8 million. Single-family home construction increased 1.6% to its highest level so far in 2023. Starts of apartment…
Timber Processing Combs The Ligna Fair Aisles
The Timber Processing magazine team reports an active first half of the week for sawmill machinery exhibitors at the week-long Ligna international wood processing fair held in Hannover, Germany. Bandmills were not in short supply, including this EWD bandmill system in the middle of Sawmill Hall. Timber Processing magazines were practically flying off the shelf at the Timber Processing…
Conifex Announces McLellan As President, COO
Conifex Timber Inc. has announced that Andrew McLellan has been promoted to President and Chief Operating Officer. As President, McLellan will lead Conifex’s business units and pursue value-added opportunities in fiber procurement, lumber manufacturing and marketing, green power generation, and other complementary businesses. Andrew retains responsibility for forest…
Binderholz Celebrates Enfield Sawmill Opening
Binderholz Enfield LLC held a grand-opening in April to commemorate the official opening of its lumber production facility near Enfield in Halifax County, NC. Company, local community, and elected officials participated in the event alongside Binderholz’s corporate leadership from Austria. The Enfield facility will produce southern yellow pine lumber used in residential and…
Find Us On Social
Newsletter
The monthly Timber Processing Industry Newsletter reaches over 4,000 mill owners and supervisors.
Subscribe/Renew
Timber Processing is delivered 10 times per year to subscribers who represent sawmill ownership, management and supervisory personnel and corporate executives. Subscriptions are FREE to qualified individuals.
Advertise
Complete the online form so we can direct you to the appropriate Sales Representative.