News

International Paper has received clearance from the US Department of Justice for its acquisition of Weyerhaeuser's containerboard packaging and recycling business.

International Paper, which operates in the industrial and consumer packaging markets, originally announced the agreement to acquire Weyerhaeuser for $6bn (£3bn) on 17 March.

The deal includes nine linerboard mills, 72 US box plants and four in Mexico, and more than 30 speciality packaging, kraft bag and recycling operations.

International Paper will finance the deal through debt facilities and has financial commitments from several banks.

The deal is expected to be completed in the third quarter of 2008, but is subject to conditions, including regulatory review in several other countries.

International Paper currently employs over 50,000 people across facilities in North America, Latin America, Europe, Russia, Asia and North Africa.