STAMFORD, Conn. (AP) – International Paper Co., the world’s largest forest products company, completed the sale of all of its forest land with an agreement announced Tuesday to sell off 275,000 acres of land in New York state.

IP signed a definitive agreement with The Lyme Timber Co. to sell the acreage in New York’s Adirondack Park for approximately $137 million.

Tuesday’s sale was part of IP’s previously announced transformation plan to focus on uncoated papers and industrial and consumer packaging globally.

Lyme Timber was organized in 1976 to invest in forest land and rural real estate for its own account and in partnership with other investors. A week ago, IP announced an agreement to sell about 5.1 million acres of forest land for $6.1 billion to two investor groups.

“With sale agreements for the bulk of our U.S. forest lands largely complete, we are well on our way to completing an important step in our plan to improve shareowner returns and strengthen our business,” said Chairman and Chief Executive Officer John Faraci.

Under the terms of the agreement, Lyme Timber will continue to provide wood fiber to International Paper’s Ticonderoga, N.Y., paper mill for 20 years.

Anticipated proceeds from this and other recently announced sale agreements, totaling about 5.7 million acres, are approximately $6.6 billion.

IP, whose businesses include paper, packaging and forest products, said it is retaining approximately 830,000 acres of forest land, some of which may be later sold to maximize the value of the land.

Shares of IP rose 64 cents, or 1.9 percent, to $34.64 in afternoon trading on the New York Stock Exchange.

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