<b>Chesapeake Completes Sale</b>

Chesapeake Corp. completed the sale of its corrugated containers businesses, Chesapeake Packaging and Capitol Packaging. These former wholly owned Chesapeake subsidiaries, which consist of 10 corrugated container plants in seven states, become part of Inland Paperboard and Packaging, Inc., a subsidiary of Temple-Inland Inc.

Chesapeake plans to use the proceeds of the sale to reduce its long-term debt.

May 2001
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