ATLANTA, Dec. 13, 2012 /PRNewswire/ -- Georgia-Pacific today announced that it has reached an agreement to acquire the assets of the Temple-Inland Building Products business from International Paper Co. The purchase price is $750 million and the transaction is subject to regulatory approvals. The acquisition is anticipated to close in the first quarter of 2013.
"This acquisition is a long-term investment that will create value for our customers and our company," said Jim Hannan, Georgia-Pacific chief executive officer and president. "These high-quality assets with teams of talented employees are strategically located near large, growing regions of building products customers and will fit well into our existing operations. This will allow us to expand our geographic footprint and enhance our service to new and existing customers."
Temple-Inland manufactures a wide array of building products at 16 facilities in the United States. These products include gypsum, lumber, fiberboard, medium density fiberboard (MDF) and particleboard.
Headquartered at Atlanta, Georgia-Pacific is one of the world's leading manufacturers and marketers of building products, tissue, packaging, paper, cellulose and related chemicals. The company employs nearly 35,000 people worldwide. For more information, visit www.gp.com.