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Temple-Inland to buy Gaylord Container Corp.

Temple-Inland Inc. will buy paper packaging products manufacturer Gaylord Container Corp. in a stock and debt deal, which will help boost its position in the brown paper packaging market. Temple-Inland will pay about US$ 100 million in stock for Gaylord. Temple-Inland will also assume US$ 686 million in Gaylord's debt. If the deal is completed, Temple-Inland's subsidiary, Inland Paperboard and Packaging Inc., would become the fourth-largest containerboard producer and the third largest corrugated maker in North America.

In contrast, a New York-based hedge fund that holds US$ 500,000 in principal on loan notes for Gaylord has filed a class-action lawsuit seeking to halt Temple-Inland Inc.'s planned purchase of Gaylord Container.
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Title Annotation:North America
Publication:Solutions - for People, Processes and Paper
Date:Nov 1, 2001
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