WICHITA, KS — Georgia-Pacific LLC has agreed to buy a unit of International Paper Company (IP) for $750 million to gain 16 U.S. factories, according to a press release.
The purchase of the Temple-Inland Building Products unit includes facilities that make gypsum, lumber, fiberboard and particle board, the release stated.
According to the release, International Paper, which acquired Temple-Inland Inc. in February for $4.3 billion, is selling the building-products unit because it isn't "core" to its strategy.
"This will allow us to expand our geographic footprint and enhance our service to new and existing customers," said Georgia- Pacific Chief Executive Officer (CEO) Jim Hannan.
Click here to read the release in its entirety.