Weyerhaeuser To Sell Printing Papers Business, Terms Not Disclosed - Quick Facts

(RTTNews) - Weyerhaeuser Co. (WY), a private owner of timberlands, Wednesday announced an agreement to sell its printing papers business North Pacific Paper Co. or NORPAC to One Rock Capital Partners, LLC. Terms of the transaction were not disclosed.

The transaction includes the printing papers mill located in Longview, Washington. Weyerhaeuser has operated the business through a joint venture with Nippon Paper Industries Co., Ltd.

The company said the NORPAC business will continue to operate independently of One Rock until the transaction closes.

Weyerhaeuser said it expects to use a substantial portion of the after-tax proceeds from the transaction for the repayment of debt.

The sale is subject to customary closing conditions and is expected to close in the fourth quarter of 2016.

Moelis & Company acted as financial advisor to Weyerhaeuser in the transaction.

With the latest sale, the company's strategic review of the Cellulose Fibers business is completed. The company recently announced the sale of its pulp mills and liquid packaging board business.