IP sold the land for about $1.13 billion in cash and notes to TimberStar Southwest, a subsidiary of real estate investment trust
The Stamford, Conn.-based company said that the deal, announced in April 2006, is part of a sale of the majority of its U.S. forestlands.
The parties also entered into a 50-year fiber supply agreement for IP's pulp and paper mills, and a 30-year fiber supply agreement for IP's wood products facilities, both at market prices, the company added.
The company's shares were trading down 14 cents at $33.80 Tuesday.
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