International Paper said yesterday it has agreed to acquire Weyerhaeuser Co.`s packaging business for $6 billion, making it North America`s largest corrugated box maker.

The paper and packaging industry in North America and Europe has been consolidating and reducing production capacity in a bid to tackle soaring raw material costs and dwindling demand for paper because of the increasing influence of the Internet.

``This is an acquisition that is being made not for next quarter`s earnings, but to position International Paper for 2010,`` International Paper`s chief executive, John Faraci, said in an interview.

International Paper has shed a large part of its non-core operations, while expanding the firm through investments in South America and eastern Europe.

``This deal is a win, win, win,`` Longbow Research analyst Joshua Zaret said. ``It`s a win for International Paper, a win for Weyerhaeuser and a win for the industry.``

Memphis, Tenn.-based International Paper said that, because the transaction is a purchase of assets rather than of stock, the company will realize a tax benefit of about $1.4 billion. Taking this benefit into account, the net purchase price is about $4.6 billion.

JPMorgan analyst Claudia Shank said the deal is about as good as Weyerhaeuser could have had, given the credit market conditions. But she, cautioned that the company would be exposed to greater earnings volatility given its heightened exposure to wood products and homebuilding.

International Paper said it had secured $6 billion in loans to finance the purchase, including an 18-month term loan for $4 billion.