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Article: Potlatch to Sell Cloquet, Minnesota, Pulp and Printing Papers Assets to Sappi Limited for $480 Million.
- Article from:
- Business Wire
- Article date:
- March 18, 2002
CopyrightCOPYRIGHT 2002 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
SPOKANE, Wash.--(BUSINESS WIRE)--March 18, 2002
Potlatch Corporation (NYSE:PCH) today announced that the company has signed a definitive agreement for the sale of Potlatch's Cloquet, Minnesota, pulp and printing papers facilities and associated assets to a subsidiary of Sappi Limited for $480 million in cash.
Sappi is a leading producer of coated (woodfree) printing papers.
The sale is subject to customary closing conditions, including regulatory approvals, and is expected to be completed in the second quarter.
In conjunction with the sale, Potlatch said it will close its remaining printing papers mill in ...