International Paper (IP) has finalized the previously announced sale of its Temple-Inland Building Products division to Georgia-Pacific Building Products for $710m in a bid to focus on its paper and packaging business.
IP chairman and chief executive officer John Faraci said, "We are pleased to have closed on this transaction and I would like to acknowledge and thank all the employees on the building products team for their continued dedication to their customers, safety and business results during this transition period.
Assets of the Building Products division include 15 manufacturing facilities: five solid wood mills, four particleboard plants, one medium-density fiberboard plant, one fiberboard plant and four gypsum wallboard plants.
Located across eight states in the southeastern and eastern portions of the US primarily, the facilities are said to have access to five of the top 12 housing markets.
US-based packaging company IP has manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa.