Weyerhaeuser Completes $6 Billion Asset Sale to IP
Aug. 4, 2008 - Weyerhaeuser 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 deal includes nine containerboard mills, 72 packaging locations, 10 specialty-packaging plants, four kraft bag and sack locations and 19 recycling facilities.
Approximately 14,000 employees will transfer from Weyerhaeuser to IP as a result of the sale.
SOURCE: Weyerhaeuser Company
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