FEDERAL WAY, Wash. (August 04, 2008) Weyerhaeuser Company today announced the completion of the sale of its Containerboard Packaging and Recycling business to International Paper for $6 billion in cash.

Weyerhaeuser said it expects to use a substantial portion of the after-tax proceeds from the sale to pay down debt.

The transaction includes nine containerboard mills, 72 packaging locations, 10 specialty-packaging plants, four kraft bag and sack locations and 19 recycling facilities. (See list at end of release for locations.) Approximately 14,000 employees will transfer from Weyerhaeuser to IP as a result of the transaction.

"International Paper is gaining some of the best people and facilities in the world, and our employees are joining a leader in this industry," said Daniel S. Fulton, Weyerhaeuser president and chief executive officer. "At the same time, this transaction allows Weyerhaeuser to continue to refine its focus as a timber-based company with businesses that enhance the value of our timberlands."