Two new deals
Packaging
International Paper, the world's largest forest products company will acquire Box USA, an American company that manufactures cardboard packaging. In fact, it is rated as the largest independent packaging company, with 23 facilities in the US. They will be added to International Paper's 70 worldwide packaging plants.
Press releases state that the acquisition is part of International Paper's attempt to expand more into core paper and pulp-related businesses. While the company has operations across the world, 70% of its $35 billion income comes from the US. Box USA is a privately held company with income of about $500 million a year,
Law merger
Mid-size law firms are afraid of losing out to big new merged firms, so they to are combining. Now comes news that two of the most prestigious US law firms, Boston's Hale and Dorr and Washington's Wilmer Cutler Pickering will join forces. The new firm will be international in scope and have over 1,000 lawyers on staff. Both companies have staff in the UK and in Germany that will be added to the firm. The two firms combine a wide variety of civil specialties, with Hale and Dorr having a major presence in, of all things, mergers and acquisitions. Hale and Dorr is strong in intellectual property law, while Wilmer Cutler Pickering has major practice in regulatory law. The merger will be one of the biggest between US law firms.
According to a Boston Globe story ("Hale and Dorr OKs merger deal", 4/20/2004)
the deal follows the demands of corporate clients looking for the best advice money can buy.
''The nature of the clients who can afford the fees for these major firms is that they're the ones with the operations spread out across the country and around the world," said Renee M. Landers, president of the Boston Bar Association and a law professor at Suffolk University. ''They also have legal problems that require a lot of bench strength, and size can get you bench strength."
