Memphis, Tennessee, USA, 27 January 2012 -- /PRNewswire/ -- International Paper Company (NYSE: IP) and Temple-Inland Inc. (NYSE: TIN) today announced that they have agreed to extend the U.S. Department of Justice's (DOJ) review period with respect to International Paper's acquisition of Temple-Inland until 13 February 2012, to provide the parties with time to enter into binding documentation to resolve the DOJ's concerns with respect to the pending transaction.
"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," said John Faraci, International Paper chairman and CEO. "The acquisition of Temple-Inland is a compelling value proposition for International Paper shareholders, and will create numerous benefits for our customers and employees."
International Paper (NYSE: IP) is a global paper and packaging company with 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. Headquartered in Memphis, Tennessee, the company employs about 59,500 people in more than 24 countries and serves customers worldwide. Net sales in 2010 were more than USD 25 billion. For more information about International Paper, its products, and stewardship efforts, visit internationalpaper.com.
Temple-Inland Inc. is a manufacturing company focused on corrugated packaging and building products. The fully 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. Additional information is available at www.templeinland.com.