VOL. 127 | NO. 28 | Friday, February 10, 2012
IP-Temple Merger Gets DOJ Approval
By Bill Dries
The anti-trust division of the U.S. Department of Justice has reached an agreement on the merger of International Paper Co. and Temple-Inland Inc. in a federal court consent decree that involves the sale of three paper mills.
The agreement clears the way for Memphis-based IP to formally acquire Austin-based Temple-Inland.
The terms of the consent decree spell out a post-merger divestiture of two Temple-Inland containerboard mills in Ontario, California; and New Johnsonville, Tenn.; and an IP mill in Heuneme, Calif. The three mills account for 970,000 tons of containerboard capacity.
The merged company has four months to sell the plants with options for two 30-day extensions.