Weyerhaeuser Completes Sale of Liquid Packaging Board Business to Nippon Paper Industries
The transaction includes one mill located in Longview, Washington (USA), with an annual capacity of 280,000 tons of liquid packaging board. As of Sept. 1, the business will be known as Nippon Dynawave Packaging Co.
Sept. 1, 2016 - Weyerhaeuser Company on Aug. 31 said that it completed the sale of its liquid packaging board business to Nippon Paper Industries Co., Ltd. for $285 million in cash.
Weyerhaeuser expects to use a substantial portion of the approximately $225 million of after-tax proceeds for repayment of debt.
The liquid packaging board business consists of one mill located in Longview, Washington, with an annual capacity of 280,000 tons.
"Nippon Paper Industries is acquiring a strong portfolio of high quality products and a well-regarded employee team that has contributed much to Weyerhaeuser over the years," said Doyle R. Simons, president and chief executive officer. "This transaction further focuses our company as we work together to be the world's premier timber, land, and forest products company."
Nippon Paper added that as of Sept. 1 the company will be known as Nippon Dynawave Packaging Co. — a new consolidated subsidiary established in the United States.
In addition, Nippon Dynawave Packaging engaged NP Trading Co., Ltd., also a subsidiary of Nippon Paper Industries Co., Ltd., to act as its sole agent for the Japanese market.
SOURCE: Weyerhaeuser and Nippon Paper Industries Co., Ltd.
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» Weyerhaeuser to Sell Liquid Packaging Board Business to Nippon Paper Industries for $285 Million June 16, 2016