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International Paper Completes Acquisition of Box USA

Press release from the issuing company

STAMFORD, Conn., July 2 -- International Paper announced it completed its acquisition of Box USA on July 1, 2004, on terms previously disclosed. This acquisition is consistent with International Paper's strategic direction to grow its three core businesses of paper, packaging and forest products. "Both International Paper and Box USA share a commitment to making quality products and serving customers. Together, we'll combine our knowledge, talents and expertise, and keep building on our successes by creating better packaging solutions for our customers," said Wayne Brafford, International Paper's senior vice president for Industrial Packaging. "Joining our two companies will also bring value to customers by expanding our market access and coverage. By combining Box USA converting together with our domestic containerboard mills and industrial packaging facilities, we'll improve our position as a supplier of choice in the packaging industry. "Our new employees will bring a lot to our company, and in the future we will have much to learn from them. At the same time, our best practices and capabilities will bring additional value to their operations. By blending our two businesses together after closing, we can provide better solutions to our customers' needs." International Paper will immediately begin the process of integrating Box USA's 24 industrial packaging converting facilities and containerboard mill into its industrial packaging business, which comprises 11 paper mills and 77 converting facilities worldwide.