International Paper completed the sale of its Arizona Chemical business to Rhone Capital III L.P. for approximately $485 million. In addition, International Paper will acquire a minority interest of approximately 10 percent in the acquisition vehicle to be formed by Rhone Capital.

Arizona Chemical (www.arizonachemical.com) has been a global leader in pine chemistry for more than 75 years. The company is headquartered in Jacksonville, Fla., and supplies high-quality pine chemicals to the adhesives, inks and coatings, and oleochemicals markets.

Arizona Chemical has 11 manufacturing facilities worldwide, located in Panama City, Pensacola and Port St. Joe, Fla.; Savannah and Valdosta, Ga.; Dover, Ohio; Bedlington and Chester-le-Street, England; Niort, France; Oulu, Finland; and Sandarne, Sweden. Arizona Chemical also has research and development capabilities and a network of sales offices throughout the world, including a research and European headquarters in Almere, Netherlands, as well as a research laboratory in Savannah, Ga. The company employs nearly 1,500 team members.