International Paper completes eight-month acquisition of Temple-Inland
International Paper completes eight-month acquisition of Temple-Inland
After eight months of negotiation that had been tempestuous at times, International Paper Co. of Memphis, TN, completed on Feb. 13 a $3.7 billion acquisition of its chief rival, Austin, TX-based corrugated packaging maker Temple-Inland Inc.
A Feb. 10 ruling by the U.S. Justice Department cleared the last obstacles to the merger. The two companies were among the largest producers of corrugated packaging in North America, with Temple-Inland’s annual revenue of $3.8 billion and International Paper’s annual revenue of $25 billion.