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Industry News

'Connecticut Lakes' Property Protected

April 2, 2002

Paper Products co. Sells 171,500 Acres Of Forestland To Conservation Partnership

Inman News Features

International Paper (NYSE: IP) and the Trust for Public Land (TPL) today announced the sale of 171,500 acres, known as the Connecticut Lakes property, in Pittsburg, Clarksville and Stewartstown, N.H.

The sale price was approximately $33 million.

The sale marks the transfer of reportedly the largest unbroken tract of private forestland in New Hampshire and is a milestone in the partnership effort between TPL, the Society for the Protection of New Hampshire Forests and The Nature Conservancy to permanently conserve the property, according to International Paper.

After purchasing the property from International Paper, TPL immediately sold 25,000 acres to The Nature Conservancy for approximately $6 million.

TPL plans to hold the remainder of the property temporarily until federal and state officials, the Society for the Protection of New Hampshire Forests, The Nature Conservancy and TPL can assemble the funding needed for its permanent conservation.

International Papers is a paper and forest products company with operations in nearly 50 countries and exports its products to more than 130 nations.

Copyright: Inman News Service

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