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International Paper Signs Agreement to Acquire Box USA

Thursday, April 22, 2004

Press release from the issuing company

STAMFORD, Conn., April 21 -- International Paper today announced it has agreed to acquire Box USA Holdings, Inc., one of America's leading corrugated packaging companies. This acquisition is consistent with International Paper's strategic direction to grow its three core businesses of paper, packaging and forest products. The terms of the transaction were not disclosed. The transaction is subject to normal closing conditions, including expiration or termination of the mandatory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. "The acquisition of Box USA will provide improved access to markets, better integration between mills and converting plants, and other operating synergies. We believe that the acquisition of a well-respected, customer focused packaging company like Box USA will enhance the value of our expanded industrial packaging business," said John Faraci, chairman and chief executive officer. "Box USA is a well-run company with a strong reputation for customer service. By combining Box USA with International Paper's existing network of 48 domestic industrial packaging facilities, and our consumer packaging and distribution businesses, we will be well positioned as the supplier of choice in the packaging industry. We remain dedicated to providing top quality products, excellent service and value-added solutions to our customers," Faraci noted. Box USA, based in Northbrook, Ill., is America's largest independent packaging producer. The company employs 2,300 people at 23 industrial packaging converting facilities across the country and a containerboard mill. Box USA also has a partial ownership in another mill. Box USA supplies a wide range of markets with a strong presence in the food, beverage and general industrial segments with wide geographic coverage. International Paper's industrial packaging business is made up of ten paper mills and 70 converting facilities. They are a leading producer of industrial packaging solutions for more than 8,500 customers around the world.




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