FEDERAL WAY, Wash. (AP) -- Weyerhaeuser said Monday it's selling its containerboard packaging and recycling business to International Paper Company for $6 billion in cash.
The sale includes more than 80 packaging plants, including one in Manitowoc.
The transaction also includes nine containerboard mills and 19 recycling plants.
It affects a total of 14,300 employees.
Weyerhaeuser plans to use much of the proceeds to pay down debt.
The company had been considering selling the division in order to focus on its timber, wood products and real estate operations.