Stamford, Conn.-based paper and packaging manufacturer International Paper (IP) - Get Report said Friday that it completed the sale of its Brazilian coated papers business for about $420 million to Stora Enso (SEO) .
The business includes a coated paper mill and lumber mill in Arapoti, Parana State, Brazil, as well as 50,000 hectares of forestland in Parana. These assets were previously owned by its subsidiaries.
The Brazilian coated papers business had sales of about $230 million in 2005 and produces about 200,000 metric tonnes of coated paper for catalog, magazine and retail insert markets, and about 83 million board feet of lumber each year. The business employs 711 people.
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