MEMPHIS, Tenn., May 5 /PRNewswire-FirstCall/ -- The U.S. Department of Justice has concluded its Hart-Scott-Rodino review of International Paper's (NYSE: IP) announced acquisition of Weyerhaeuser's containerboard packaging and recycling business. Regulatory reviews in several other countries are ongoing. Completion of the transaction is expected to occur in the third quarter of 2008.

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International Paper announced March 17 it had signed a definitive agreement with Weyerhaeuser to acquire its containerboard packaging and recycling business. Weyerhaeuser's containerboard packaging and recycling business includes nine linerboard mills, 72 box plants in the U.S. and four in Mexico, and more than 30 specialty packaging, kraft bag and recycling operations.

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, Tenn., the company employs more than 50,000 people in more than 20 countries and serves customers worldwide. 2007 net sales were approximately $22 billion. For more information about International Paper, its products and stewardship efforts, visit internationalpaper.com.

This press release contains forward-looking statements. These statements reflect management's current views 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 relate to the timing of the successful fulfillment (or waiver) of all conditions set forth in the purchase agreement.

SOURCE International Paper

CONTACT: Media:
Patty Neuhoff, +1-901-419-4052
Investors:
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and
Ann-Marie Donaldson, +1-901-419-4967
all of International Paper

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