International Paper Co. (ticker: IP, exchange: New York Stock Exchange (.N))
News Release -
International Paper to Divest Arizona Chemical
JACKSONVILLE, Fla., Nov. 30 /PRNewswire/ -- International Paper (NYSE: IP)
today announced its plans to divest Arizona Chemical to provide a better
long-term future for the pine chemical business. This decision comes in
conjunction with IP's previously announced program to divest more than
$3 billion of assets.
"International Paper believes Arizona Chemical will be very attractive to
another company," said Larry Stowell, vice president-Arizona Chemical. "We
understand this announcement will create uncertainty for Arizona Chemical
employees, their families and other stakeholders, and we will do all we can to
assist employees with any issues that arise during this divestiture process."
According to Stowell, International Paper's intentions are to sell the
business as a complete entity. "At this time, we don't know how long this
process will take, and it's premature to speculate on any outcomes. The best
business strategy for all of us on the Arizona Chemical team is to continue
our focus on our customers, environmental and safety performance and the
future of this business."
Arizona Chemical (http://www.arizonachemical.com), a company of
International Paper, is a global leader in pine chemistry. Headquartered in
Jacksonville, Fla., the company has eight manufacturing plants in the U.S. and
seven in Europe, and supplies pine chemicals to the adhesives, inks and
coatings and oleochemicals markets. Arizona Chemical also has research and
development capabilities and a network of sales offices throughout the world.
The company employs 2,000 people.
International Paper (http://www.internationalpaper.com) is the world's
largest paper and forest products company. Businesses include paper,
packaging, and forest products. As one of the largest private forest
landowners in the world, the company manages its forests under the principles
of the Sustainable Forestry Initiative (SFI(SM)) program, a system that
ensures the perpetual growing and harvesting of trees while protecting
wildlife, plants, soil, air and water quality. Headquartered in the United
States, International Paper has operations in nearly 50 countries, employs
more than 117,000 people and exports its products to more than 130 nations.
SOURCE International Paper
CONTACT: Media - Jack Cox of International Paper, 914-397-1952, or
Alison Abernathy of Arizona Chemical, 904-928-8878; Analyst - Carol Tutundgy,
914-397-1632 or Rochelle Weitzner, 914-397-1623/