Packaging Corp. of America (NYSE: PKG), the fourth-largest producer of containerboard and corrugated packaging in the U.S., is acquiring TimBar Corp. and its five corrugated products plants.

Besides the corrugated products plants, Packaging Corp. is buying TimBar’s two fulfillment centers and four design centers, most of which are in the Eastern and Southeastern U.S. The company will pay $386 million, with plans to finance the transaction with a new term loan, and the deal is expected to close by the end of August.

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