July 20, 2005 |
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.
February 3, 2004 |
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.
September 11, 2003 |
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.
October 19, 2001 |
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.
August 23, 2001 |
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.
June 26, 2001 |
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.