Intl. Paper to Sell Arizona Chemical to Rhone Capital
March 1, 2007
MEMPHIS, Tenn. - International Paper has agreed to sell its Arizona Chemical business to Rhone Capital III L.P. for approximately $485 million, subject to certain adjustments. As part of the transaction, International Paper will acquire a minority interest of approximately 10 percent in the acquisition vehicle to be formed by Rhone Capital. The transaction is expected to close in the first quarter of 2007, subject to certain customary closing conditions.