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Nikkei Asian Review reported. The Japanese company will establish a wholly owned subsidiary by the end of September, buying Weyerhaeuser’s facilities in Washington state, as well as sales offices in Japan, the U.S. and South Korea. Nippon Paper will also take on about 500 employees. According to Nikkei, the acquisition will be the largest for the company since spending 42.6 billion yen to purchase a stake in a Chinese firm in 2010. Weyerhaeuser announced the planned sale of its pulp mills in May 2016. A strategic review of the company’s Cellulose Fibers business was initiated in November 2015. The company’s review of its printing papers joint venture is ongoing. “This transaction creates significant value for Weyerhaeuser shareholders and enhances the focus of our portfolio as we work to be the world’s premier timber, land, and forest products company,” said Doyle R. Simons, president and chief executive officer. Weyerhaeuser expects to use a substantial portion of the estimated $225 million after-tax proceeds for repayment of debt. The transaction is subject to customary closing conditions, including regulatory review, and is expected to close in the third quarter 2016. The Weyerhaeuser liquid packaging board mill and Nippon Paper Industries will continue to operate separately until the transaction closes. Nippon Paper Industries Co., Ltd. is a holding company which engages in the manufacture and sale of paper products. Its operations are carried out through the following segments: Paper and Pulp, Paper-related, Wood Products and Construction Related, and Other. Nippon’s Paper and Pulp segment handles the production and sale of printing paper, paperboard, household paper, pulp, and papermaking materials. The Paper-related segment provides processed paper, chemical products, and functional materials. The Wood Products and Construction Related segment offers lumber, construction materials, and civil engineering services. The Other segment includes beverage, logistics, and leisure businesses. The company was founded in 1949 and is headquartered in Tokyo, Japan. Weyerhaeuser, one of the world’s largest private owners of timberlands, began operations in 1900. The company owns or controls more than 13 million acres of timberlands, primarily in the U.S., and manages additional timberlands under long-term licenses in Canada. It manages these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. Weyerhaeuser is also one of the largest manufacturers of wood and cellulose fibers products. The company operates a real estate investment trust (REIT). In February 2016, it merged with Plum Creek Timber Co. Inc. In 2015, Weyerhaeuser and Plum Creek, on a combined basis, generated approximately $8.5 billion in net sales and employed nearly 14 thousand people worldwide. The company is based in Federal Way, Washington.]]>