TRAVERSE CITY, Mich. (AP) — International Paper Co. said Tuesday that it was selling 440,000 acres of forest in Michigan's Upper Peninsula to a timberland investment management company.
The land is among 5.1 million acres, mostly in Southern states, that International Paper is selling to two investor groups for an estimated $6.1 billion. The buyer of the Upper Peninsula acreage is Resource Management Service LLC, based in Birmingham, Ala.
Resource Management Service has agreed to abide by the Sustainable Forestry Initiative, a set of industry principles for managing forests in an environmentally sensitive manner, said Amy Sawyer, spokeswoman for International Paper.
Posted by Dave at April 4, 2006 03:39 PM