News Release
INTERNATIONAL PAPER, TEMPLE-INLAND EXTEND REGULATORY REVIEW TIMING AGREEMENTS WITH THE DOJ
December 16, 2011 -- 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.
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.
Contacts:
Media, Tom Ryan, 901-419-4333; Investors, Glenn Landau,
901-419-1731, or Emily Nix
901-419-4987.
distribué par | Ce noodl a été diffusé par Temple-Inland Inc. et initialement mise en ligne sur le site http://www.templeinland.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2011-12-19 17:18:19 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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