G-P Completes Asset Acquisition of Temple-Inland Building Products from I-P
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Georgia-Pacific, Atlanta, Ga., USA, this past week completed the acquisition of the Temple-Inland Building Products assets from International Paper Co., Memphis, Tenn., after receiving clearance from the Department of Justice under the Hart-Scott-Rodino merger review process. The purchase price was $710 million.
The acquisition includes 15 U.S. facilities (five solid wood mills, four particleboard plants, one medium-density fiberboard plant, one fiberboard plant, and four gypsum wallboard plants) with more than 1,800 employees across eight states, including Alabama, Arkansas, Georgia, Louisiana, Oklahoma, Pennsylvania, Tennessee, and Texas. Teams at these facilities manufacture fiberboard, gypsum products, lumber, medium density fiberboard (MDF), and particleboard.
"With the sale final, we are eager to combine our assets into one building products business," said Mark Luetters, EVP–building products. "Temple-Inland brings high-quality assets with teams of talented employees, and we look forward to combining best practices so that we will continue to improve our ability to serve key customers. We highly value our employees and the communities where we operate, and we are committed to a smooth transition."
John Faraci, chairman and CEO, noted that "we are pleased to have closed on this transaction and I would like to acknowledge and thank all of the employees on the building products team for their continued dedication to their customers, safety, and business results during this transition period. We wish the group well in the years ahead."
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