International Paper reached a definitive agreement to sell its Masonite businesses to Premdor Inc. of Toronto, Canada for approximately $523 million, subject to certain adjustments at closing.
The agreement is part of P's program to sell more than $3 billion in assets that no longer fit the company's long term strategy in the wake of acquiring Champion International earlier this year and last year's merger with Union Camp Corp.
International Paper has also announced efforts to divest its Fine Papers, Flexible Packaging, Decorative Products, Chemical Cellulose and Petroleum & Minerals businesses as well as the company's interest in Zanders Feinpapiere AG of Germany. IP also intends to sell the Champion Premium Papers Business and nearly 300,000 acres of Champion-owned timberland in Washington state.
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