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Last updated 2:14AM ET
March 7, 2021
Weyerhaeuser Completes $6 Billion Sale
(APR - Alabama Public Radio ) - Timber and wood products producer Weyerhaeuser Co. said Monday it completed the sale of its containerboard packaging and recycling business to International Paper for $6 billion in cash.

Weyerhaeuser said it plans to use a substantial portion of the money to pay down debt.

International Paper said it would realize a $1.4 billion tax benefit and the woods-product company expects to improve profit by $400 million annually from the acquisition.

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

About 14,000 employees will transfer from Weyerhaeuser to IP.

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