International Paper, owners of Temple Inland in Rome, is expected to close on a $2.2 billion deal to purchase seven Weyerhaeuser mills by the end of the year. Memphis based International Paper said that Weyerhaeuser employees close to 1,900 people in Georgia, Mississippi, North Carolina, Canada and Poland.
The company will get a $300 million tax benefit in the deal, dropping its final cost of purchase to $1.9 billion.
Weyerhaeuser’s mills makes pulp used in diapers, tissues and other consumer products.
Weyerhaeuser Company said that they are doing away with its pump business and will focus on timberlands and forest products.
The deal must be approved by government regulators but is expected to close in the fourth quarter of 2016.