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Intl Paper sees acquisition boosting profit

NEW YORK | Mon Mar 17, 2008 9:29am EDT

NEW YORK (Reuters) - International Paper Co (IP.N) expects the acquisition of Weyerhaeuser's packaging business to sharply boost its earnings and make it North America's largest corrugated box maker, Chief Executive John Faraci said on Monday.

"This is an acquisition that is being made not for next quarter's earnings but to position International Paper for 2010," Faraci said in an interview with Reuters.

Earlier on Monday, International Paper announced it had agreed to buy Weyerhaeuser's (WY.N) containerboard, packaging and recycling business for $6 billion.

Faraci said including cost savings, he expects the deal to generate earnings before interest, taxes, depreciation and amortization of $1 billion.

(Reporting by Euan Rocha; editing by John Wallace)
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