IP makes $6 billion purchase
Published 12:00 am Tuesday, March 18, 2008
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.
The sale is expected to close by year end and could affect 14,300 employees.