Champion International Corporation Agrees to Sell Forestlands in Northeast to the Conservation Fund.STAMFORD, Conn.--(BUSINESS WIRE)--Dec. 9, 1998--Champion International Corporation (NYSE NYSE See: New York Stock Exchange :CHA n. 1. Tea; - the Chinese (Mandarin) name, used generally in early works of travel, and now for a kind of rolled tea used in Central Asia. A pot with hot water . . . made with the powder of a certain herb called chaa, which is much esteemed. - Tr. J. ) announced today that it has agreed to sell approximately 300,000 acres of its forestlands to The Conservation Fund. The sale price is $76.2 million. The sale includes approximately 143,000 acres in the State of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , approximately 133,000 acres in the State of Vermont and approximately 18,000 acres in the State of New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). . This sale includes all of the company's forestlands in the States of New York and Vermont. Champion will continue to own and manage approximately 174,000 acres in the State of New Hampshire. In October of 1997, Champion announced its intention to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. several non-strategic product segments, facilities and forestlands as part of its three-pronged strategy to maximize total shareholder return by focusing on strategic businesses, increasing profitability and improving financial discipline. Richard E. Olson, Champion's chairman and chief executive officer, said, "This transaction continues our efforts to make Champion International a more profitable company. Because of their location, these lands are no longer strategic for our company and this sale allows us to put their value to better use for our shareholders." He added that he expects the transaction to be completed early in 1999. Champion International Corporation is an integrated forest products company with significant operations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Brazil and Canada. Champion is a major producer of coated and uncoated papers and market pulp. The company's other products include selected papers for packaging as well as lumber and plywood. Champion also has the responsibility for the sustainable management of more than eleven million acres of forestlands supporting its manufacturing facilities. |
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