International Paper To Buy Two Alabama Plants From Weyerhaeuser FEDERAL WAY, WA (APR - Alabama Public Radio ) - Weyerhaeuser Company -- one of the world's largest lumber and packing producers -- says it is selling its containerboard packaging and recycling unit to International Paper for $6 billion in cash.

The sale includes a containerboard plant in Pine Hill and a packaging plant in Huntsville.

Weyerhaeuser plans to use a good part of the proceeds to pay down debt.

International Paper says it expects to complete the deal in the third quarter. The Weyerhaeuser unit is expected to function separately from International Paper until the deal is complete.

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