March 17, 2008

Weyerhouser to be sold ..

Weyehaeuser Sold; No official word on how this will impact local employees

Posted: March 17, 2008 11:02 PM

Updated: March 17, 2008 11:02 PM

Yakima, WA - Weyerhauser sells off its containerboard packaging and recycling businesses for a whopping $6 billion dollars to International Paper.

That sale includes the box packaging plants in Union Gap and Yakima.

No word from International Paper on how this will affect the 99 employees who work at those facilities, but a source with Weyerhaeuser says the new owner are looking to make package its focus, so that could be better in the long run.

International Paper has purchased 72 packaging locations, 10 specialty packaging plants, four kraft bag and sack locations and 19 recycling plants all over the US.

The sale affects more than 14-thousand employees overall.

International Paper on watch 'negative' on Weyerhauser plan - S&P

March 17, 2008: 02:59 PM EST

LONDON, Mar. 17, 2008 (Thomson Financial delivered by Newstex) -- Standard & Poor's (NYSE:MHP) Ratings Services said that it placed all of its ratings on International Paper (OTCBB:INPAP) (NYSE:IP) Co, including its 'BBB' corporate credit rating, on CreditWatch with negative implications.

The placement follows IP's announcement that it has signed an agreement to acquire the containerboard, packaging, and recycling businesses of Weyerhaeuser Co (NYSE:WY) (TSX:WYL) in an all-cash transaction valued at 6 bln usd.

S&P said: 'Based on our initial analysis, we have determined that if the acquisition is completed as currently proposed, and market conditions remain in line with our expectations, we would affirm IP's 'BBB' long-term corporate credit rating.'
However 'we would assign a negative outlook, and we would lower the company's short-term corporate credit rating to 'A-3' from 'A-2'. The anticipated affirmation reflects our belief that the acquisition of Weyerhaeuser's containerboard and packaging business would modestly strengthen IP's business risk profile.'
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