IP makes $6 billion purchase

Published 12:00 am Tuesday, March 18, 2008

Staff report

International Paper Co. is purchasing containerboard packaging and recycling business from Weyerhaeuser Co. for $ 6 billion. The deal includes a containerboard mill in Pine Hill.

The two companies announced the cash deal on Monday, which also involves a packing location in Huntsville and nine containerboard mills, 72 packaging locations, 10 specialty-packaging plants, four bag and sack locations and 19 recycling facilities.

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The sale is expected to close by year end and could affect 14,300 employees.