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International Paper completes sale of mills to satisfy DOJ agreement

03-Jul-2012

International Paper announced yesterday that it has finalised the sale of three containerboard mills under the terms of a US$470m (€373m) divesture agreement with the US Department of Justice (DOJ).

The mills in Ontario and Oxnard, California have been sold to New-Indy Containerboard, a joint venture between The Kraft Group and Schwarz Partners.

The formerly owned Temple-Inland containerboard mill in New Johnsonville, Tennessee has been bought by Hood Container Corporation.

The firm had to sell the sites under a 950,000 ton agreement in February with the DOJ, relating to competition concerns after the $4.3bn takeover of Temple-Inland completed in February this year.

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