International Paper Co. (ticker: IP, exchange: New York Stock Exchange (.N))
News Release -
7-Feb-2002
International Paper Ends Discussions to Sell Decorative Products DivisionHANOVER, Md., Feb 7, 2002 /PRNewswire-FirstCall via COMTEX/ -- International
Paper (NYSE: IP) announced today it has ended discussions to sell its Decorative
Products Division to Panolam Industries of Shelton, Conn. The previously
announced Letter of Intent with Panolam expired September 17, 2001 but, until
recently, both parties had continued discussions in order to try and reach a
final agreement.
Headquartered in Hanover, MD, the Decorative Products division is part of
International Paper Company. It has 13 manufacturing facilities and 17
distribution and customer service centers in North America and Europe. The
division manufactures products used in graphic arts, commercial interiors and
wood-based panels integral to design-oriented products. The markets served
include residential and commercial construction, furniture, store fixtures,
graphic arts and specialty niche markets. The business employs approximately
3,300 employees worldwide.
International Paper (http://www.internationalpaper.com) is the world's largest
paper and forest products company. Businesses include printing papers,
packaging, building materials, and distribution. 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 planting, growing and harvesting of trees while
protecting wildlife, plants, soil, air and water quality. Headquartered in the
United States at Stamford, Conn., International Paper has operations in nearly
50 countries, employs more than 113,000 people and exports its products to more
than 130 nations.
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SOURCE International Paper
CONTACT: Media - Jennifer Boardman, +1-203-541-8407, or Stacy Wygant,
+1-901-763-7373; or Analyst - Carol Tutundgy, +1-203-541-8632, or Darial
Sneed, +1-203-541-8541, all of International Paper
URL: http://www.internationalpaper.com
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Copyright (C) 2002 PR Newswire. All rights reserved.
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International Paper Co.
