Pacific Northwest Timber and wood-products producer Weyerhaeuser said Monday it had completed the sale of its containerboard packaging and...
Weyerhaeuser sale of unit wrapped up
Timber and wood-products producer Weyerhaeuser said Monday it had completed the sale of its containerboard packaging and recycling business to International Paper for $6 billion in cash.
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Weyerhaeuser said it plans to use a substantial portion of the money to pay down debt.
The transaction, announced in March, includes nine containerboard mills, 72 packaging locations, 10 specialty-packaging plants, four kraft bag and sack locations and 19 recycling facilities.
About 14,000 employees will transfer from Weyerhaeuser to International Paper.
Weyerhaeuser will report its second-quarter financial results before the stock market opens this morning.
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Compiled from The Associated Press and The New York Times