The world of paper recycling received some big news on Sunday when Norcross, Ga.-based RockTenn announced that it has reached an agreement to buy Creve Coeur, Mo.-based Smurfit-Stone Container Corp. for approximately $3.5 billion. Under the terms of the agreement, which is expected to close in the second quarter of this year, Smurfit-Stone will become a wholly owned subsidiary of RockTenn.

Both firms are producers of corrugated packaging and are among the biggest paper recyclers in North America. According to a press release, the combined company will be the second largest producer of North American containerboard and the second largest producer of coated recycled board.