International Paper Co is selling its building products unit to Georgia-Pacific LLC for $750 million cash, a move designed to sharpen focus on its massive packaging business.The sale had been expected since IP acquired the unit, which sells lumber and particle board for home construction, as part of its $3.7 billion takeover of smaller rival Temple-Inland earlier this year.IP is the largest North American producer of corrugated packaging, commonly used to make shipping boxes. Amazon.com Inc is one of IP's largest customers.The sale gives IP more cash to invest in the packaging business.
Amazon.com, Inc. (Amazon.com) serves consumers through its retail Websites and focuses on selection, price, and convenience. Shares of AMZN traded higher by 0.21% or $0.54/share to $252.30. In the past year, the shares have traded as low as $166.97 and as high as $264.11. On average, 3435420 shares of AMZN exchange hands on a given day and today's volume is recorded at 223309.
International Paper Company (International Paper) is a global paper and packaging company, with primary markets and manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Shares of IP traded higher by 1.71% or $0.64/share to $38.02. In the past year, the shares have traded as low as $27.26 and as high as $38.42. On average, 3994630 shares of IP exchange hands on a given day and today's volume is recorded at 1061781.
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