Jan 07, 2005. /Lesprom Network/. International Paper announced it has completed the sale of its Weldwood of Canada Limited subsidiary to West Fraser Timber Co., Ltd. of Vancouver, Canada, for C. $1.23 billion (approximately U.S. $1 billion). International Paper's net cash proceeds received from the sale, including closing adjustments, were approximately U.S. $1.1 billion. The transaction was completed Friday, Dec. 31, 2004. While the loss on the sale, previously recorded in discontinued operations during the 2004 third quarter, is subject to post-closing adjustments, it is currently anticipated that the loss will be approximately 10% lower than the $795 million loss previously estimated at Sept. 30, 2004. The sale includes eight wholly owned and four joint venture mills in British Columbia and Alberta, Canada, manufacturing lumber, plywood, laminated veneer lumber, treated wood products and northern bleached softwood kraft pulp. Weldwood also manages 8 million acres of Crown land under a variety of long-term provincial government agreements and employs more than 3,000 people.