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In July 2005, the CEO of International Paper set out a transformational plan to realign the forest products industry's behemoth from a diversified North American forest products company to a global paper and packaging company a three year time frame. In the process, he identified eight operating businesses for divestiture seeking to recapture $8-10 billion dollars with which he would repay debt, buy-back shares and make selected investments focused in South America, Eastern Europe and China. A little more than a year later, sales covering five of the eight businesses identified had been agreed to and are expected to generate $9.7 billion...
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