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Boise Sells Plant, 300,000 Acres in $3B Deal

INTERNATIONAL FALLS, MN-The company plans to devote its resources to its newly acquired OfficeMax subsidiary. Madison Dearborn Partners, a Chicago-based investment firm, will pay $3.2 billion for the Idaho-based company's wood-industry assets.

By Jim McCartney | Updated on July 27, 2004

INTERNATIONAL FALLS, MN-Boise Cascade Corp. will sell its big paper mill here and the rest of its forest products operations. Boise is one of Minnesota’s largest private owners of timberland, and its roughly 300,000 acres in the state are part of the sale.

The company’s paper mill plant is key part of the Koochiching County economy and one of the state’s biggest paper and pulp mills, employing about 950 workers. Madison Dearborn Partners, a big Chicago investment firm, will pay $3.2 billion for the Idaho-based company’s wood-industry assets, which include 22 plywood and lumber-related plants, five paper mills and 2.3 million acres of timberland. Boise Cascade says it will change its name to OfficeMax, the name of the Cleveland-based office products company it bought last year for $1.2 billion.

The new owners currently plan no changes for the plant’s employees. Boise Cascade has invested heavily in its International Falls facility over the past 15 years, according to timber industry officials.

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