International Paper recently announced that the company has completed its acquisition of Weyerhaeuser's pulp business for approximately $2.2 billion.

Because the transaction is a purchase of assets, International Paper expects to realize a tax benefit with an estimated net present value of $300 million and annual synergies of approximately $175 million by the end of 2018. 

"This transaction positions International Paper as the premier global supplier of fluff pulp and enhances our ability to generate additional cash flow," said Mark Sutton, International Paper’s chairman and CEO. "I want to personally welcome the talented employees of Weyerhaeuser to the International Paper family as we look forward to serving our customers around the world."

As part of the transaction, International Paper acquired five pulp mills and two converting facilities that produce fluff pulp, softwood pulp and specialty pulp products for a number of consumer applications, including diapers, other hygiene products, tissue and textiles.

The acquired business has approximately 1,900 employees around the world, with manufacturing operations based in Canada, Poland and the United States.

The combined businesses will be called Global Cellulose Fibers and be led by senior vice president Jean-Michel Ribieras. 

For more information, visit www.internationalpaper.com.