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International Paper to Sell Hydroelectric Project
By Chris Frankie
3/13/01 3:11 PM ET
International Paper (IP:NYSE) said Monday it has agreed to sell a hydroelectric generating project in New York to TransCanada Pipelines for $285 million as part of its plan to divest $5 billion in assets.
The paper and forest products company based in Purchase, N.Y. said it is selling its Curtis/Palmer hydroelectric generating project facility in Corinth, N.Y. The company said the deal, which is subject to a number of conditions including regulatory approval, is part of an overall program to divest about $5 billion in assets that no longer fit the company's long-term strategy. IP said it no longer needs the facility in the wake of its acquisition of Champion International last year and its merger with Union Camp Corporation.
IP, a component of the Dow Jones Industrial Average, said the sale of the Corinth facility is not expected to affect the operations the nearby Hudson River Mill.
Shares of IP fell $1, or 2.6%, to $36.89 in recent New York Stock Exchange trading.
In early February the company announced plans to close its lumber operations at plants in Passadumkeag and Costigan, Maine. The company said 263 employees will lose their jobs due to the closings that will start in mid-April. The moves followed plans by the company to close its lumber mill in Washington, Ga.
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