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International Paper divests three mills

International Paper has announced selling off its containerboard mills at Oxnard, California and Ontario to New-Indy Containerboard, while its New Johnsonville, Tennessee mill would be sold to Hood Container.

The move is as per the terms of the $470m deal struck with Temple-Inland in February, and follows the direction of the US Department of Justice in this regard.

International Paper is involved in uncoated papers for packaging in the consumer and industrial segments in collaboration with the distribution firm Xpedex.

The firm,which has presence in Asia, Africa, Europe and Latin America employing 70,000 workers, registered net sales of $26bn in 2011.