MEMPHIS, Tenn., Jan. 27, 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 February 13, 2012 to provide the parties with
time to enter into binding documentation to resolve the DOJ's
concerns with respect to the pending transaction.
(Logo: http://photos.prnewswire.com/prnh/20020701/IPLOGO )
International Paper Chairman and CEO John Faraci said, "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. The acquisition of Temple-Inland
is a compelling value proposition for International Paper
shareholders, and will create numerous benefits for our customers
and employees."
About International Paper
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. 2010 net sales
were more than $25 billion. For more
information about International Paper, its products and stewardship
efforts, visit internationalpaper.com.
About Temple-Inland
Temple-Inland Inc. is a manufacturing company focused on
corrugated packaging and building products. The fully integrated
corrugated packaging operation consists of 7 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. Temple-Inland's
address on the World Wide Web is www.templeinland.com.
Certain statements in this press release may be considered
forward-looking statements. These statements reflect
management's current views and are subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in these statements. Factors which
could cause actual results to differ include but are not limited
to: (i) increases in interest rates; (ii) industry
conditions, including but not limited to changes in the cost or
availability of raw materials, energy and transportation costs,
competition we face, cyclicality and changes in consumer
preferences, demand and pricing for our products; (iii) global
economic conditions and political changes, including but not
limited to the impairment of financial institutions, changes in
currency exchange rates, credit ratings issued by recognized credit
rating organizations, the amount of our future pension funding
obligation, changes in tax laws and pension and health care
costs; (iv) unanticipated expenditures related to the cost of
compliance with existing and new environmental and other
governmental regulations and to actual or potential litigation; (v)
whether we experience a material disruption at one of our
manufacturing facilities and risks inherent in conducting business
through a joint venture; (vi) our ability to enter into the
agreements referred to in this news release, the receipt of
regulatory approvals for our pending transaction with Temple-Inland
and the successful fulfillment or waiver of all other conditions to
closing the transaction without unexpected delays or conditions;
(vii) the failure to realize synergies and cost savings from the
Temple-Inland transaction or delay in realization thereof; and
(viii) our ability to achieve the benefits we expect from all other
strategic acquisitions and divestitures. These and other factors
that could cause or contribute to actual results differing
materially from such forward looking statements are discussed in
greater detail in the company's Securities and Exchange Commission
filings. We undertake no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE International Paper