By Rick Barrett
Milwaukee Journal Sentinel
Weyerhaeuser Co. (WY) said today it completed the sale of its containerboard, packaging and recycling business, including a Wisconsin unit, for $6 billion in cash to International Paper Corp. (IP).
Weyerhaeuser, based in Federal Way, Wash., said it expects to use a substantial portion of the proceeds from the sale to pay down debt.
The transaction includes nine containerboard mills, 72 packaging locations, 10 specialty packaging plants, four bag and sack locations, and 19 recycling facilities.
About 14,000 employees will transfer from Weyerhaeuser to IP as a result of the transaction.
In Wisconsin, Weyerhaeuser has a packaging plant in Manitowoc.
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