Content about Temple-Inland

Doyle Simons, the former chairman and CEO of Temple-Inland, has joined the board of directors of Weyerhaeuser, effective June 29, 2012, according to a filing with the Securities and Exchange Commission (SEC). The 49-year-old executive held various positions with Temple-Inland, including executive VP from 2005 through 2007 and chief administrative officer from 2003 to 2005. He became CEO and chairman in 2008 and served until February 2012, when Temple-Inland was acquired by International Paper Co.

International Paper (IP) has announced the completed acquisition of Temple-Inland, which will now become a wholly owned subsidiary of IP. Under the terms of the transaction, each issued and outstanding share of Temple-Inland common stock will fetch $32.00 in cash, including the assumption of approximately $700 million in Temple-Inland net debt. The total transaction value is approximately $4.5 billion.

Temple-Inland is planning a new display and graphics facility, scheduled to open January 2012 in Chicagoland. Temple-Inland Display and Packaging Chicago will offer the services and expertise of the Elgin Corrugated Box and Mack Packaging brands from a single, newly renovated plant in Carol Stream, Ill.

Temple-Inland will provide corrugated packaging, displays and fulfillment to current Mack, Elgin and Temple-Inland customers, plus new customers throughout the country.

International Paper’s attempt to take over Temple-Inland concluded today with an announcement that the two companies have entered into a merger agreement.

International Paper will acquire all of the outstanding common stock of Temple-Inland for $32 per share in cash, plus the assumption of $600 million in Temple-Inland’s year-end debt. The total transaction value is approximately $4.3 billion.

The takeover battle for Temple-Inland continues to escalate as the Austin, Texas, wood products supplier issued a statement today urging its stockholders to reject an unsolicited offer from International Paper (IP). Temple-Inland’s board of directors voted unanimously to reject the $30.60-per-share offer because it undervalues the company. The timing of the offer is also “extremely opportunistic,” the company said in its official recommendation. 

After being rebuffed by Temple-Inland’s board of directors, International Paper is making an unsolicited offer to acquire all the outstanding shares of common stock of the wood products company for $30.60, according to documents filed with the Securities ad Exchange Commission (SEC).

Temple-Inland, one of the industry’s largest producers of wood and paper products, announced June 6 that it has received an unsolicited offer from International Paper Co. (IP), another pulp and paper giant, to acquire the company for $30.60 per Temple-Inland share in cash.

Diboll, Texas-based Temple-Inland expanded its GreenGlass family of products to include a tile backer.

GreenGlass features a built-in, moisture-blocking acrylic coating that resists water penetration through its surface, plus a water-resistant gypsum core formulated to include the TemShield Mold Protection System. Faced on both sides with naturally mold- and moisture-resistant fiberglass mats, this combination has been shown to be highly mold-resistant in tests.

Wood products producer Temple-Inland reported sales of $174 million in the building products division during its first fiscal quarter of 2011, a 13.7% rise over sales of $153 million during the same quarter of 2010.

Net loss for the division was $6 million during the first quarter, narrowing from a $9 million loss in the first fiscal quarter of 2010 and a $15 million loss in the fourth quarter of 2010. 

Austin, Texas-based Temple-Inland reported sales of building products for the fourth quarter were $146 million, up 12.3% from $130 million in the same quarter last year.

The building products and packaging company posted total 2010 earnings of $168 million, down 18.4% from $206 million in 2009. Excluding special items, net income was $100 million for the year, up from $78 million in 2009.