MEMPHIS, TN - International Paper has completed the acquisition of lumber and building materials giant Temple-Inland. The two forest products firms form a packaging behemoth, controlling 37 percent of that market in the U.S., a fact that caused the U.S. Department of Justice to require they sell three mills after acquisition closes.
While International Paper is primarily focused on packaging, Temple-Inland has a long history as a lumber and particleboard business. It was founded in Diboll, Texas in 1894 as a lumber company, eventally expanding into packaging, building products, real estate and banking.
Temple-Inland (NYSE: TIN), a publicly traded Fortune 500 firm until the deal closed, had 10,500 employees and annual revenue of about $3.8 billion. International Paper Company (NYSE: IP) effected the deal with Temple-Inland Inc. through the merger of its wholly owned subsidiary Metal Acquisition Inc. with and into Temple-Inland.
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