PAPER PRODUCTS

St. Joe to Sell Paper Assets: Jacksonville, Fla.-based St. Joe Paper Co. announced a deal to sell its pulp and paper mill and 16 box plants for $390 million, taking a big step to divest its non-core assets. Box USA, owned by Valhalla, N.Y.-based Four M Corp., the largest privately held corrugated box maker in the nation, is acquiring the box plants located on the East Coast. It is also buying the pulp and paper mill in Port St. Joe, Fla., in a 50-50 joint venture with Stone Container Corp. The transaction is subject to shareholder approval. Completion is subject to receipt of financing by Box USA and the joint venture, and to antitrust clearances. Following the sales, St. Joe Paper will be left with its 1 million acres of forest land and property in Florida and other assets. On Wednesday, St. Joe Paper said it had agreed to sell its wire-line telephone business to TPG Communications Inc., a private partnership, for $115 million.