Temple-Inland Inc., the
parent company of Inland Paperboard and Packaging, Inc., and Chesapeake Corp.
announced the signing of an agreement by which Inland will acquire Chesapeake
Packaging Co. and Capitol Packaging Corp., both wholly owned subsidiaries of
Chesapeake. Chesapeake Packaging and Capitol Packaging are the corrugated boxmaking
operations of Chesapeake. The two divisions consist of ten corrugated container
plants.
The purchase price is $120
million. The transaction is scheduled to close in May, pending regulatory
approval and satisfaction of customary closing conditions.
The move follows
Chesapeake’s decision to focus on the specialty packaging markets.
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