Investing

International Paper Divests Mills

Paper and packaging giant International Paper Co. (NYSE: IP) today announced that it has sold three of its US paperboard mills for $470 plus working capital. The sale was required as part of the company’s agreement with the Department of Justice related to International’s $4.3 billion acquisition of Temple-Inland, which was completed in February.

Two of the three plants were purchased by New-Indy Containerboard LLC, a joint venture between private equity firms The Kraft Group and Schwarz Partners L.P. The third mill was purchased by Hood Companies Inc.

Shareholders don’t seem to like the deal, knocking the share price down about -2.9% to $28.35 in a 52-week range of $21.55- $36.50. One analyst said the sales price was better than the expected range of $300-$450 million.

Paul Ausick

Is Your Money Earning the Best Possible Rate? (Sponsor)

Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.

However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.

There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.