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
U.S. Housing Starts Dip In September, Both Single-Family & Multi-Family Soften
U.S. housing starts dropped 8.1% in September from August to a seasonally adjusted annual rate of 1.439 million, including a drop in single-family starts of 4.7% to 892,000 and a decline in multi-family starts of 13.1% to 530,000, according to the U.S. Census Bureau and U.S. Dept. of Housing and Urban Development monthly new residential construction report…
Interfor To Acquire Chaleur Forest Products
Interfor has announced today that it has reached an agreement with an affiliate of the Kilmer Group to acquire 100% of the equity interests in the entities comprising Chaleur Forest Products. Chaleur owns two modern and well-capitalized sawmill operations located in Belledune and Bathurst, New Brunswick, with a…
Sawmills Announce Personnel Changes
The Westervelt Co. recently announced a change of leadership in the wood products business. Mark Richardson has been promoted to Vice President and General Manager, Wood Products, effective January 1, 2023. He will be promoted into the role currently held by Joe Patton, who recently announced his retirement after a 24 plus year career with the company…
Hancock Acquires Madison Lumber
Two of New England’s top performing eastern white pine manufacturing facilities will be stronger together as Hancock Lumber announced plans to acquire Madison Lumber Mill of Madison, NH. Hancock Lumber’s eastern white pine operations will expand to four mills with its first sawmill acquisition in more than 20 years…
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.