Weyerhaeuser sells Containerboard Packaging and Recycling business

Federal Way, Wash.-based Weyerhaeuser has announced the sale of its Containerboard Packaging and Recycling business to Memphis, Tenn.-based International Paper for $6 billion in cash.

The final price is subject to closing adjustments.

The company said it plans to use a substantial portion of the proceeds to pay down its debt.

The transaction includes nine containerboard mills, 72 packaging locations, 10 specialty-packaging plants, four kraft bag and sack locations and 19 recycling facilities. It affects approximately 14,300 employees.

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. Its 2007 sales were $16.3 billion.