UPFRONT

IP Sells Coated, SC Paper
STAMFORD, CT—International Paper has agreed to sell its coated and supercalendered papers business to CMP Holdings for about $1.4 billion. The business includes two mills in Maine and one each in Michigan and Minnesota, which combined for $1.6 billion in sales in 2005. The purchase price consists of roughly $1.37 billion in cash and $30 million in the form of a 10 percent stake in CMP Investments, parent company of CMP Holdings. IP also sold its kraft papers business to Stone Arcade.