SEATTLE, Washington -- Weyerhaeuser Company on Thursday announced the completion of the sale of its Cellulose Fibers pulp mills to International Paper for $2.2 billion in cash. Weyerhaeuser expects to use a substantial portion of the $1.6 billion after-tax proceeds for repayment of debt.

The sale, which was announced in May 2016, includes five pulp mills located in Columbus, Miss.; Flint River, Ga.; New Bern, N.C.; Port Wentworth, Ga. and Grand Prairie, Alberta, with a combined total annual operating capacity of about 1.9 million metric tons. The sale also includes two modified fiber mills in Columbus, Miss. and Gdansk, Poland.

This transaction completes the divestiture of Weyerhaeuser's Cellulose Fibers business, which resulted from the company's strategic review initiated in November 2015. Earlier this year, the company completed the sale of its liquid packaging board business to Nippon Paper Industries Co., Ltd. and the sale of its publishing papers business to One Rock Capital Partners, LLC.

"The sale of our pulp mills delivers compelling value for our shareholders and represents a significant milestone on our journey to focus our portfolio and become the world's premier timber, land, and forest products company," said Doyle R. Simons, president and chief executive officer. "International Paper is gaining world-class mills and a highly regarded team of employees who will be well-positioned to reach their full potential as part of a first-class packaging, pulp and paper manufacturer."

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Join Jim Thompson on the 2nd Annual Papermakers Mission Trip to Guatemala, 22 - 29 July 17. Build houses, talk about the pulp and paper industry. For more information, email jthompson@taii.com with "Guatemala" in the subject line.