xpedx, Unisource Merger Moves Forward

Upon the expected completion of the merger in mid-2014, which is subject to certain closing conditions, the new company will have projected annual revenue in the range of $9 billion to $10 billion, and will have about 9,500 employees across more than 170 distribution centers in North America.

"This transaction provides excellent value for International Paper shareholders and is a unique opportunity for xpedx and Unisource to create a new company that is stronger, more competitive and able to provide even greater value to customers," said John Faraci, chairman and CEO of International Paper. "We anticipate the new company will generate synergies of about $200 million."