Weyerhaeuser (WY) Completes Sale of Packaging and Recycling Business to International Paper
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Weyerhaeuser Company (NYSE: WY) today announced the completion of the sale of its Containerboard Packaging and Recycling business to International Paper (NYSE: IP) 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 transaction 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 transaction.
Weyerhaeuser Company engages in growing and harvesting timber, as well as in the manufacture, distribution, and sale of forest products primarily in the United States and Canada.
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