The latest sale, worth US$137m, brings the value of IP’s recent forest sales to about US$6.6bn, covering 5.7 million acres.
Lyme Timber Company, a forest and commercial real estate investor, is buying forestland in Adirondack Park in New York state.
John Faraci, IP chairman and chief executive officer, said: “With sale agreements for the bulk of our US forestlands largely complete, we are well on our way to completing an important step in our plan to improve shareowner returns and strengthen our business.”
IP plans to focus its business on uncoated papers and industrial and consumer packaging globally.
