International Paper sells chem business for $485m

19 December 2006 18:01  [Source: ICIS news]

TORONTO (ICIS news)--International Paper (IP), a US-based forest products company, said on Tuesday that it has agreed to sell its Arizona Chemical business for $485m (€370m) to a private equity and buyout firm.

 

Under the transaction with Rhone Capital, IP will retain a 10% stake in an acquisition vehicle to be formed by Rhone. Closing is expected in the first quarter of 2007, the company said.

 

Florida-based Arizona Chemical is a maker of pine chemicals with 11 manufacturing sites in the US and Europe.

 

($1 = €0.76)

By: Stefan Baumgarten
+1 713 525 2653

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