International Falls, MN (NNCNOW.com) --- Owner of the International Falls paper mill, Boise Inc., will be taken over by Packaging Corporation of America for a value of nearly $2 billion.
Both companies announced today that they have entered into a definitive agreement under which PCA will acquire all of the outstanding common shares of Boise for $12.55 per share. The transaction is expected to close in the fourth quarter of 2013.
"This acquisition allows us to apply our operating and sales expertise across a much larger system and provides significant growth potential," says PCA Chief Executive Officer Mark. "We look forward to working with the employees of Boise as we integrate our businesses. I am confident, that together, we will achieve significant operating benefits."
In May Boise paper mill in International Falls announced that they would be closing two of the mill's four paper machines and laying off 265 people.
Paper mill spokespeople say this acquisition with Packaging Corporation of America will not stop the layoffs in International Falls scheduled to begin in October.
Posted to the web by Krista Burns