International Paper announced that it has finalized the sale of its Temple-Inland Building Products division to Georgia-Pacific Building Products, LLC for $710 million in cash, subject to customary closing adjustment.
"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," said John Faraci, chairman and CEO. "We wish the group well in the years ahead."
The division's assets include 15 manufacturing facilities: five solid wood mills, four particleboard plants, one medium-density fiberboard plant, one fiberboard plant and four gypsum wallboard plants. The facilities are located across eight states, primarily in the southeastern and eastern portions of the United States, with access to five of the top 12 housing markets.