April 2008

Weyerhaeuser sells containerboard, packaging and recycling business

Weyerhaeuser Company announced the sale of its containerboard, packaging and recycling business to International Paper for $6 billion in cash, subject to post closing adjustments. Weyerhaeuser said it expects to use a substantial portion of the 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. The transaction affects approximately 14,300 employees.

The 19 recycling facility locations included in the sale are as follows: Phoenix, Arizona; Fremont, Los Angeles/Norwalk, West Sacramento, California; Denver, Colorado; Chicago, Illinois; Des Moines, Iowa; Wichita, Kansas; Baltimore, Maryland; New Brighton, Minnesota; Omaha, Nebraska; Charlotte, North Carolina; Beaverton, Eugene, Oregon; Memphis, Tennessee; Carrollton, Texas, Salt Lake City, Utah; Richmond, Virginia; and Kent, Washington.