ALSO. . .

International Paper Co. said it sold a packaging business to closely held Southern Bag Corp. for undisclosed terms and will sell and close other plants as part of its plan to cut about 10% of its work force and sell $1 billion in assets. The world’s largest paper company said it expects to close container plants in San Jose and Stockton by Oct. 15, consolidating the work into two other California plants in Carson and Modesto. . . . New York Times Co. is selling magazines Tennis, Tennis Buyer’s Guide, Cruising World, Sailing World, Snow Country and Snow Country Business to Los Angeles-based Miller Publishing Group, which controls the music magazines Vibe and Spin. Terms of the deal were not disclosed, but analysts valued the transaction at about $50 million. . . . Microsoft Corp. said it distributed 1.2 million copies of its latest Internet browser in the first two days of availability. . . . ITT Corp. said it extended the expiration date of its offers to buy back stock and debt to Nov. 12, when shareholders will elect directors who will decide the future of the hotel and casino company.