FEDERAL WAY, Wash. -- Weyerhaeuser Company announced the completion of the sale of its liquid packaging board business to Nippon Paper Industries Co., Ltd. for $285 million in cash. Weyerhaeuser expects to use a substantial portion of the approximately $225 million of after-tax proceeds for repayment of debt.

The liquid packaging board business consists of one mill located in Longview, Washington, with an annual capacity of 280,000 tons.

"Nippon Paper Industries is acquiring a strong portfolio of high quality products and a well-regarded employee team that has contributed much to Weyerhaeuser over the years," said Doyle R. Simons, president and chief executive officer. "This transaction further focuses our company as we work together to be the world's premier timber, land, and forest products company."