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Weyerhaeuser-IP Transaction Clears DOJ Review
May 5, 2008
FEDERAL WAY, Wash., May 5, 2008 — Weyerhaeuser Company (NYSE: WY) today announced the early termination of the Hart-Scott-Rodino review process of the company’s sale of its Containerboard Packaging and Recycling business to International Paper (NYSE: IP) for $6 billion in cash.
Weyerhaeuser said the Federal Trade Commission granted early termination on May 2, 2008, following the conclusion of the U.S. Department of Justice's review of the sale.
“We are very pleased with this decision by the Department of Justice,” said Daniel S. Fulton, president and chief executive officer. “This was an essential condition to the transaction and is a major step towards closing the transaction. Both companies remain focused on finalizing the transaction in the third quarter.”
Weyerhaeuser Company, one of the world's largest forest products companies, was incorporated in 1900. In 2007, sales were $16.3 billion. It has offices or operations in 13 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate construction, development and related activities. Additional information about Weyerhaeuser's businesses, products and practices is available at http://www.weyerhaeuser.com.
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