Lufkin, TX — Memphis, Tenn.-based International Paper Company announced on Monday that it has completed its acquisition of Temple-Inland Inc.

The acquisition was completed through the merger of its wholly owned subsidiary, Metal Acquisition Inc.

Temple-Inland employs close to 500 people at its building materials facilities in Diboll. An IP official on Monday morning said the company plans to keep Temple-Inland’s Diboll facilities operating while it searches for “strategic options” for selling those assets.

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