Georgia-Pacific Thursday agreed to buy the building-products division of International Paper's recently acquired Temple-Inland for $750 million. The acquisition will give Georgia-Pacific 16 facilities in the U.S.—five solid wood mills, four particleboard plants, two medium-density fiberboard plants, one fiberboard plant, and four gypsum-wallboard plants—and is expected to close in 1Q 2013.

In a separate statement, International Paper's chairman and CEO John Faraci said that Temple-Inland's building-products division, which the company acquired as part of a fiercely negotiated $4.5 billion deal earlier this year, was "not core to IP's strategy," as IP dropped the segment in order to expand its corrugated-packaging business.