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International Paper To Sell 3 Mills

International Paper Co. said Friday that it is selling three mills, which the U.S. Department of Justice had required it to do after a recent acquisition.

MEMPHIS, Tenn. (AP) -- International Paper Co. said Friday that it is selling three mills, which the U.S. Department of Justice had required it to do after a recent acquisition.

The settlement with the DOJ's antitrust division allowed International Paper to complete its $3.5 billion purchase of smaller rival Temple-Inland Inc. in February.

International Paper said the combined value of the deals was $470 million, excluding working capital.

The company, which is based in Memphis, Tenn., is selling a former Temple-Inland mill in Ontario, Calif., and one of its own mills in Oxnard, Calif., to a joint venture of The Kraft Group LLC and Schwarz Partners LP, two private companies with interests in paper and packaging products.

The company is also selling a former Temple-Inland mill in New Johnsonville, Tenn., to Hood Cos., a private company that makes wood and packaging products.

The DOJ must approve the sales.

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