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News Displaying items by tag: Temple Inland

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International Paper finalises sale of Temple-Inland

19 July 2013

US: International Paper has finalised the sale of its Temple-Inland Building Products division to Georgia-Pacific Building Products for US$710m in cash, subject to a customary closing adjustment. The division's assets comprise 15 manufacturing facilities including four gypsum wallboard plants. The facilities are located across eight states, primarily in the south-eastern and eastern portions of the US. The deal was originally announced in late 2012.

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US wallboard price fixing allegations head to Pennsylvania court

10 April 2013

US: More than a dozen lawsuits alleging price-fixing on the part of major manufacturers of wallboard have been consolidated in the Eastern District of Pennsylvania. The location was chosen as most of the parties are located in the area and a majority of the parties advocated for consolidation in that district. US District Judge Michael Baylson will handle the case.

"From at least September 2011 to the present the defendants, manufacturers of gypsum board, combined and conspired to fix and raise the prices at which they sold gypsum board in the United States beginning with large and coordinated price increases that all became effective on or about 1 or 2 January 2012," according to the complaint filed in one case originating in the Eastern District of Pennsylvania, Janicki Drywall versus CertainTeed.

Major manufacturers of wallboard have annual sales of more than US$5bn, according to the complaint and the defendants are seeking treble damages. The defendants in the suit account for more than 99% of wallboard sold in North America, according to the complaint. They are USG, National Gypsum, CertainTeed, Georgia-Pacific, American Gypsum, Lafarge, Temple-Inland and PABCO.

In a previous status conference for the Eastern District of Pennsylvania cases, Steven Bizar of Buchanan Ingersoll & Rooney was named as interim liaison counsel for the defence, while H Laddie Montague Jr of Berger & Montague had been named interim liaison counsel for the plaintiffs.

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Georgia-Pacific acquires four Temple-Inland wallboard plants

17 December 2012

US: Georgia-Pacific has announced that it has reached an agreement to acquire the assets of the Temple-Inland Building Products business from International Paper. The purchase price is US$750m and the transaction is subject to regulatory approvals. The acquisition is anticipated to close in the first quarter of 2013.

As part of the transaction International Paper will sell 16 production facilities including four gypsum wallboard facilities, five solid wood mills, four particleboard plants, two medium-density fibreboard plants and one fibreboard factory. The sites are located across eight US states, mainly in the southeastern and eastern parts of the country.

"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," said Jim Hannan, Georgia-Pacific chief executive officer and president. "This will allow us to expand our geographic footprint and enhance our service to new and existing customers."

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International Paper completes acquisition of Temple-Inland

15 February 2012

US: International Paper Company (IP) has announced that it has completed its acquisition of Temple-Inland Inc. through the merger of its wholly-owned subsidiary Metal Acquisition Inc with Temple-Inland. Temple-Inland, which has four US wallboard plants, is now a wholly-owned subsidiary of International Paper.

Under the terms of the transaction, each issued and outstanding share of Temple-Inland common stock has been converted into the right to receive US$32 in cash without interest thereon, less any applicable withholding taxes. Including the assumption of approximately US$700m in Temple-Inland net debt, the total transaction value is approximately US$4.5bn. As a result of the acquisition, Temple-Inland's common stock ceased trading on the New York Stock Exchange on 13 February 2012.

International Paper Chairman and CEO John Faraci said, "We are very pleased to have completed this compelling transaction. The combination of International Paper and Temple-Inland strengthens our North American packaging business and enhances our ability to generate cash flow while maintaining our strong balance sheet. We look forward to working with the employees of Temple-Inland as we successfully integrate our businesses and create an even stronger company with substantial benefits for our customers, employees and shareholders."

Published in Global Gypsum News
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Temple Inland results for third quarter

25 October 2011

US: Temple Inland, soon to be owned by International Paper, has released fiscal results for the third quarter of 2011. These show that gypsum wallboard volumes and revenues were down compared to the second quarter of 2011. Revenues were down from USD37m in the second quarter to USD34m and output volumes declined from 299MMSF to 270MMSF. Gross pricing increased by approximately USD2/MMSF between the two quarters.

Published in Global Gypsum News
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International Paper to acquire Temple Inland

08 September 2011

US: International Paper Co. (IP), the world's largest pulp and paper maker, has agreed to acquire Temple-Inland Inc for USD3.7bn. Temple-Inland, which is based in Austin, Texas and has four US wallboard plants, previously rejected a bid made by IP on 6 June 2011 because it was too low.

"The strategic benefits of this combination are clear and we are pleased to be able to move forward on terms that are financially attractive for both sets of shareholders," said International Paper Chief Executive Officer John Faraci in a statement.

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