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.
