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International Paper to sell division for $750M

MEMPHIS, Tenn. (AP) -- International Paper will sell its Temple-Inland building products division to Georgia-Pacific LLC for $750 million in cash, saying Thursday that the unit isn't essential to its business.

The Memphis, Tenn.-based paper and packaging maker acquired its smaller rival Temple-Inland Inc. for $3.51 billion in February.

The deal with Georgia-Pacific, a privately held paper, packaging and building products maker, is expected to close by March.

International Paper plans to use the proceeds to reduce debt. Shares rose 62 cents, or 1.7 percent, to $38 in morning trading Thursday.