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IP, T-I Extend DOJ Review Period

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International Paper Co., Memphis, Tenn., USDA, and Temple-Inland Inc., Austin, Texas, have agreed to extend the U.S. Department of Justice's (DOJ) review period with respect to IP's acquisition of T-I until February 13. The extension will provide all parties time to enter into binding documentation to resolve the DOJ's concerns with respect to the pending transaction.

IP Chairman and CEO John Faraci said that "we have been working constructively with the DOJ to address their concerns and anticipate entering into a definitive agreement on terms that are acceptable to all parties. The acquisition of Temple-Inland is a compelling value proposition for International Paper shareholders, and will create numerous benefits for our customers and employees."

IP has manufacturing operations in North America, Europe, Latin America, Russia, Asia, and North Africa. Its businesses include uncoated papers and industrial and consumer packaging, complemented by xpedx, the company's North American distribution company. IP employs about 59,500 people in more than 24 countries and serves customers worldwide. Its 2010 net sales were more than $25 billion.

T-I is focused on corrugated packaging and building products. The full-integrated corrugated packaging operation consists of seven mills and 59 converting facilities. The building products operation manufactures a diverse line of building products for new home construction, commercial, and repair and remodeling markets.

 

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