IP Gets Bigger

Posted: March 17, 2008 in Uncategorized

News item from Indianapolis Star:

Weyerhaeuser Co. agreed to sell its containerboard, packaging and recycling business to peer International Paper Co. for $6 billion cash, the companies said today. The deal includes 72 packaging locations, including Indiana sites Butler and Indianapolis, and 10 specialty packaging plants, including one in Indianapolis. Weyerhaeuser, based in Federal Way, Wash., said it would use the proceeds from the sale largely to reduce debt. The company had said last May that it would assess strategic alternatives for the business, according to Dow Jones’ Marketwatch. Today’s sale affects 14,300 employees, according to a news release.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s