Weyerhaeuser Completes Sale of Assets to International Paper
Press release from the issuing company
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."
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