MEMPHIS, Tenn., Dec. 19, 2011 /PRNewswire/ -- International
Paper Company (NYSE: IP) and Temple-Inland Inc. (NYSE: TIN) today
announced that they have agreed with the U.S. Department of Justice
("DOJ") to extend the review period for their pending merger until
January 27, 2012. Previously,
the companies had agreed with the DOJ not to consummate their
merger prior to December 31,
2011. The companies also agreed to extend the outside date
under their merger agreement from June 6 to
June 28, 2012.
(Logo: http://photos.prnewswire.com/prnh/20020701/IPLOGO
)
International Paper Senior Vice President and General Counsel
Sharon Ryan said, "We continue
to cooperate with the Department of Justice and look forward to
satisfying the closing conditions for the completion of this
transaction."
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 release may be considered
forward-looking statements. These statements reflect the current
views of the companies' management 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) the receipt of regulatory approvals for the pending
merger and the successful fulfillment or waiver of all other
conditions to closing the transaction without unexpected delays or
conditions; (ii) the failure of International Paper to realize
synergies and cost savings from the transaction or delay in
realization thereof; (iii) increases in interest rates; (iv)
industry conditions, including but not limited to changes in the
cost or availability of raw materials, energy and transportation
costs, competition the companies face, cyclicality and changes in
consumer preferences, demand and pricing for the companies'
products; (v) 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 the
companies' future pension funding obligations, changes in tax laws
and pension and health care costs; (vi) unanticipated expenditures
related to the cost of compliance with existing and new
environmental and other governmental regulations and to actual or
potential litigation; (vii) whether the companies experience a
material disruption at one of their manufacturing facilities and
risks inherent in conducting business through a joint venture; and
(viii) the companies' ability to achieve the benefits they 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 companies' Securities and
Exchange Commission ("SEC") filings. The companies undertake
no obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
SOURCE International Paper
