International Paper Co

International Paper Co. will sell its coated-paper business to Apollo Management for $1.37 billion in cash and a 10% stake in Apollo unit CMP Investments, the companies said. Shares of Stamford, Conn.-based International Paper fell 60 cents to $33.21.

International Paper Co. posted third-quarter earnings that fell short of Wall Street estimates as the weak U.S. housing market led to lower prices on wood products. Net income was $201 million, or 42 cents a share, down from $1 billion, or $2.03, a year earlier, the Memphis, Tenn.-based company said. Sales were little changed from a year earlier at $5.9 billion. Earnings in the year-earlier period were boosted by more than $1.

Other earnings, excluding one-time gains or charges unless noted: International Paper Co.'s third-quarter profit more than doubled to $192 million, or 46 cents a share, from net income of $81 million, or 20 cents, a year earlier, because of rising prices driven by stronger Asian and European economies. Sales rose 3.3% to $6.3 billion.

International Paper Co. will sell its coated-paper business to Apollo Management for $1.37 billion in cash and a 10% stake in Apollo unit CMP Investments, the companies said. Shares of Stamford, Conn.-based International Paper fell 60 cents to $33.21.

International Paper Cuts More Than 1,000 Jobs: International Paper Co. says it is eliminating more than 1,000 jobs to raise efficiency and restating 1991 earnings to reflect an accounting change in how retiree benefits are paid. The leading manufacturer of paper and packaging, which like competitors has been been hurt by a drop in demand from the recession, said it was setting aside $60 million to cover the severance costs of the job reductions.

International Paper Co., the world's largest paper company, swung to a profit in the fourth quarter, citing cost cutting and improved pricing for some products. The Stamford, Conn.-based company reported net income of $48 million, or 10 cents a share, reversing a net loss of $130 million, or 27 cents, a year earlier. Revenue was $6.5 billion, up from $6.3 billion. In trading on the New York Stock Exchange, International Paper shares closed up 24 cents at $42.51.

International Paper Co., the largest paper and lumber maker, will eliminate 3,000 jobs, or 10% of its salaried work force, to reduce expenses because of falling demand and paper prices. About a quarter of the jobs will be eliminated in Cincinnati and Memphis, Tenn., offices, and the remainder will be cut throughout North America, a spokesman said. International Paper plans to take an unspecified second-quarter charge to cover the costs. The Stamford, Conn.

International Paper Co. raised its bid for Champion International Corp. by 17% to $9.5 billion, topping a sweetened offer by UPM-Kymmene Oyj and winning support from the Champion board. Champion, which controls about 3% of the North American paper and board market, said it preferred the offer from International Paper to UPM's new all-cash plan worth $9.1 billion. Purchase, N.Y.

International Paper Co. announced a sweeping restructuring plan Tuesday that would shrink the world's largest paper company in an effort to boost profit and cut debt by focusing on core businesses. The strategy involves selling $8 billion to $10 billion in assets, including millions of acres of forestland around the country, closing mills and possibly relocating its headquarters. Substantial job cuts are expected.

International Paper Co., the world's largest paper company, swung to a profit in the fourth quarter, citing cost cutting and improved pricing for some products. The Stamford, Conn.-based company reported net income of $48 million, or 10 cents a share, reversing a net loss of $130 million, or 27 cents, a year earlier. Revenue was $6.5 billion, up from $6.3 billion. In trading on the New York Stock Exchange, International Paper shares closed up 24 cents at $42.51.

International Paper Co. said Wednesday that it would cut about 3,000 jobs, or 3.5% of its global workforce, over the next year as part of its previously announced $1.5-billion profit improvement plan. Spokeswoman Jennifer Boardman said the company would make the reductions across its salaried workforce, with roughly 450 positions being cut at its operational headquarters in Memphis, Tenn. "Some of that will be accomplished through not filling open positions and attrition," Boardman said.

Exult Inc., which runs human resources departments for companies, said Thursday that it won a $600-million contract to manage International Paper Co.'s payroll and employee benefits for 10 years. The Irvine company said it will manage International Paper's human resources department in Memphis, Tenn., and administer payroll, benefits and support for the company's 70,000 U.S. employees. Exult will offer jobs to more than 200 International Paper employees in Memphis.

International Paper Co. may be eyeing possible acquisitions, but a report on Wednesday that it is in merger talks with Finnish-Swedish firm Stora Enso is probably premature, sources close to the company said. Swedish newspaper Dagens Industri said IP and Stora are in merger talks. Both have declined to confirm or deny the report. Industry observers said that although a deal was logical from an industry point of view, it was too early for the company to launch such a large takeover.

International Paper Co., the largest paper and lumber maker, will eliminate 3,000 jobs, or 10% of its salaried work force, to reduce expenses because of falling demand and paper prices. About a quarter of the jobs will be eliminated in Cincinnati and Memphis, Tenn., offices, and the remainder will be cut throughout North America, a spokesman said. International Paper plans to take an unspecified second-quarter charge to cover the costs. The Stamford, Conn.

What if the next time you walked into a music store, a compact disc sang to you? Or you reached for some beauty cream at the department store and the package began to glow, enticing you with a tiny video invitation to rediscover lost youth? Wouldn't you at least stop and think about buying those products? International Paper Co. is betting you would. The Purchase, N.Y.-based company has signed a licensing deal with an Israeli firm, Power Paper Ltd.