International Paper has found a buyer for
one of the paper mills it absorbed when it acquired Champion International. The
sale follows IP’s plans to divest of non-core assets by the end of this year.
The company recently announced plans to shutter a number of other paper mills
it deemed not essential to the company’s long-term growth strategy.
The facility, known as the B Street Mill,
will be sold to Sun Capital Partners Inc. The mill will operate as an
independent affiliate of Sun Capital and will be called Smart Papers LLC. The mill,
located in Hamilton, Ohio, is one of several paper mills located in Ohio. The mill
is part of the company’s fine papers business. It produces both uncoated and coated
paper, according to Jenny Boardman, a spokeswoman for IP.
The sale is expected to be complete by the
end of this month.
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