Displaying items by tag: International Paper

International Paper has been named one of the Top 100 Best Places to Work in IT by IDG's Computerworld Magazine. International Paper was recognized as one of the Top 100 organizations that challenge its IT staff while providing great benefits and compensation. The Company's ranking moved up 31 slots from 90th in 2010 to 59th in 2011. Honorees will be included in Computerworld's coverage along with results from the 18th annual Best Places to Work in IT survey.

 

"It's exciting that we've been recognized as one of the Best Places to Work in IT again this year," said John Balboni, senior vice president, Chief Information Officer. "Our IT team members are committed to insuring our daily operations are efficient and effective. They also play an integral role in helping our businesses and staff groups achieve their strategic direction."

 

"I want to thank and congratulate our IT team for their on-going commitment, dedication and contributions to International Paper. The work being completed across IT - whether here in the U.S. or at our locations in Europe, Asia and South America - is making a positive difference," Balboni said.

 

International Paper's IT organization employs more than 1,200 IT professionals throughout its global operations. The group is responsible for designing, implementing, upgrading and sustaining the information infrastructure, and systems that support and enable its worldwide operations.

 

"To be among the Best Places to Work in IT, it's not enough to seek out and hire the most talented IT professionals, offer them competitive pay and provide great benefits," said Scot Finnie, editor in chief of Computerworld. "Smart IT people realize that they need to get up to speed on their employer's revenue opportunities. The organizations that made this year's Best Places to Work list are creating a work environment that both trains and encourages IT personnel to pursue business-driven priorities."

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International Paper Company announced the election of Joan E. Spero, Ph.D., to its board of directors effective today.

 

"Joan's experience as a business and foundation executive, a corporate board member and in government service lends a unique perspective to our board of directors," said John Faraci, Chairman and CEO. "We are very pleased to welcome her today."

 

Ms. Spero served in the U.S. Department of State as Undersecretary for Economic, Business and Agricultural Affairs and as Ambassador to the United Nations for Economic and Social Affairs. She has held leadership positions in Corporate Strategy and Corporate Affairs over a span of 12 years at American Express, and from 1997 to 2008, she served as President of the Doris Duke Charitable Foundation. Ms. Spero is currently a Senior Research Scholar at Columbia University's School of International and Public Affairs.

 

Previously, Ms. Spero served on the board of directors of ING Groep N.V., Delta Air Lines Inc., and First Data Corporation. She is a member of IBM's board of directors, a Trustee of both the Council on Foreign Relations and the Wisconsin Alumni Research Foundation, and a Trustee Emeritus of Columbia University and Amherst College. Ms. Spero earned a masters degree and a doctorate from Columbia University.

 

SOURCE International Paper Company

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Temple-Inland Inc. (NYSE: TIN) announced today that it received an unsolicited proposal from International Paper Company (NYSE: IP) to acquire the Company for $30.60 per Temple-Inland share in cash. Temple-Inland's Board of Directors, after careful consideration with its independent financial and legal advisors, voted unanimously to reject International Paper's proposal after the Board determined unanimously that the proposal grossly undervalues Temple-Inland and is not in the best interest of Temple-Inland's stockholders.

 

The Board authorized Doyle R. Simons, Chairman and CEO of Temple-Inland, to communicate its rejection to John Faraci, International Paper's Chairman and CEO. A copy of Mr. Simons's letter to Mr. Faraci is incorporated into this news release.

 

"Since we launched the 'new' Temple-Inland in January 2008, we have delivered superior results to our stockholders compared with our corrugated packaging peers (including IP), building products peers, and the S&P 500. Since that time, our total return to stockholders of 22% greatly exceeds the 5% total return that IP has achieved. Through our proven ability to execute our strategy focused on maximizing return on investment (ROI) and profitably growing our business, the Board believes the Company will continue to provide superior results for our stockholders," said Mr. Simons. "As the economic recovery continues and the benefits from our strategy continue to be realized, it is the stockholders of Temple-Inland who should gain from those anticipated benefits, not the stockholders of IP."

 

In its review of International Paper's unsolicited proposal, the Temple-Inland Board considered a number of factors and came to the following conclusions:

 

  • International Paper's unsolicited proposal grossly undervalues Temple-Inland and its future prospects:
    • Based on the Company's internal estimates, as well as Wall Street consensus estimates, the Board believes the Company's accelerating growth of earnings and ROI will result in superior value to that offered by International Paper in a sale transaction.
    • International Paper's claims about its proposal rely on valuation metrics from "precedent" transactions that involved underperforming assets that are not comparable to Temple-Inland and its industry-leading returns, high-quality assets and low-cost structure.
    • The retrospective focus of these "comparables" does not take account of the profound changes that are occurring in the corrugated packaging industry, which have led to reduced pricing volatility, higher average prices, and widely-held expectations that these positive industry trends will continue.
    • The proposal fails to reflect the significant value the Company's box plant transformation II project will generate for Temple-Inland and its stockholders.
    • International Paper overstates the Company's actual net debt by $91 million and the net present value of our timber financing liability by at least $200 million.
  • The timing of International Paper's unsolicited proposal is extremely opportunistic and disadvantageous to Temple-Inland stockholders:
    • Housing markets are at historically low levels, temporarily depressing the value of our building products operations. International Paper is attempting to take advantage of our stockholders by moving to grab the Company at a bargain price at a time when there is little or no market value being ascribed to building products.
    • As International Paper has consistently highlighted to the investment community, corrugated packaging demand remains below prerecession levels, but is expected to recover as the economy continues to improve. International Paper is attempting to time its offer before corrugated packaging demand returns to prerecession levels and pricing improves as expected by industry analysts.
    • An estimated $90 million of the annual cost savings from our box plant transformation II are still ahead of us - our stockholders, not the stockholders of International Paper, deserve to receive the benefit of the significant capital we have invested in this project.

 

  • The potential acquisition will likely face prolonged and rigorous investigation by antitrust authorities and an uncertain outcome:
    • A combined company would control an almost 40% share of North American containerboard capacity.
    • Given the expected scrutiny by U.S. antitrust authorities, it is likely that a potential transaction would require a significant amount of time to complete, even under the most favorable circumstances.

A presentation providing additional information about Temple-Inland and the reasons the Temple-Inland Board rejected International Paper's proposal will be posted in the Investor Relations section of our website and filed with the SEC.

 

Goldman, Sachs & Co. is acting as financial advisor to Temple-Inland, and Wachtell, Lipton, Rosen & Katz is acting as Temple-Inland's legal counsel.

 

The text of Mr. Simons's June 4, 2011 letter to Mr. Faraci is set forth below:

 

Dear John:

The Board of Directors of Temple-Inland has received your letters dated May 19 and May 27, 2011 containing IP's proposal to acquire all of the outstanding shares of Temple-Inland for $30.60 per share in cash.The Board has also considered the additional information you provided me at our meeting held at your request on May 26.Earlier today, the Temple-Inland Board of Directors convened and carefully reviewed your company's proposal with the assistance of its financial advisor, Goldman, Sachs & Co., and its legal counsel, Wachtell, Lipton, Rosen & Katz.After thorough consideration, it is the unanimous view of the Temple-Inland Board of Directors that your unsolicited proposal grossly undervalues Temple-Inland and its future prospects.Accordingly, the Temple-Inland Board unanimously rejects IP's proposal of $30.60 per share.


Since we launched the "new" Temple-Inland in January 2008, we have delivered superior results to our stockholders compared with our corrugated packaging peers (including IP), building products peers, and the S&P 500.Since that time, our total returns to stockholders of 22% greatly exceed the 5% total return that IP has achieved.Through our proven ability to execute our strategy focused on maximizing return on investment (ROI) and profitably growing our business, the Board believes the Company will continue to provide superior results for our stockholders.


A key part of our strategy is to maximize ROI, because we believe ROI is fundamental to driving stockholder value.In corrugated packaging, we generated record ROI of 16.5% in 2009 and 2010 and are positioned to generate significantly higher levels of ROI in 2011 and beyond due to fundamental changes in the industry and benefits from our box plant transformation. Indeed, we are now achieving the highest returns on assets in the corrugated packaging industry.Despite the worst housing markets since the Great Depression, our low-cost building products operation has continued to generate positive cash flow throughout the downturn and is positioned to generate very high levels of return for our stockholders when housing markets recover.As the economic recovery continues and the benefits from our strategy continue to be realized, it is the stockholders of Temple-Inland who should benefit from our company's very strong prospects, not the stockholders of IP.


We take issue with a number of claims in the materials you have provided to us.You have overstated our net debt by $91 million (which was $737 million as of March 31, 2011, rather than the $828 million stated in your proposal) and the net present value of our timber finance liability by at least $200 million.More significantly, the "comparable" transactions you cite are simply not comparable -- those transactions involved troubled or struggling companies or operations rather than a company such as Temple-Inland with its industry-leading returns, high-quality assets and low-cost structure.Further, the retrospective focus of these "comparables" does not take account of the profound changes that are occurring in the corrugated packaging industry, which have led to reduced pricing volatility, higher average prices and widely-held expectations that these positive industry trends will continue.


Your own public statements acknowledge the changes in the industry and make clear that "looking back at history" is not the correct way to understand the corrugated packaging industry's future.If, as you so clearly state, the past is not prologue for your company, neither is it for ours.We believe that it is for this reason that your letter of May 27 insistently says "Timing and speed are important," and you have threatened us with a hostile bid if we do not respond by your deadline.The speed that is "important" to you underscores an opportunistic attempt to deprive our stockholders of the value in their company that we believe will become increasingly evident as the benefits of profound change in the corrugated packaging industry, Box Plant Transformation II and our extremely low-cost building products business accrue to the benefit of our stockholders.Finally, the "certain" value you refer to overlooks the serious regulatory issues of your proposal, an attempt to forcibly combine the #1 and #3 participants in the corrugated packaging industry with the result that your company would have an approximate 40% share of industry capacity, nearly double the next largest competitor.


Our Board of Directors, our management team and our employees are dedicated to creating value for all of our stockholders, which we expect to do by continuing to effectively execute on our strategic plan.


Sincerely,

Doyle R. Simons

Published in North American News

International Paper (NYSE: IP) today announced that it has proposed to acquire all of the outstanding shares of Temple-Inland (NYSE: TIN) for $30.60 per share in cash. Under the terms of the proposal, the offer represents a 44% premium to Temple-Inland's price as of noon EDT, June 6th, 2011($21.21). International Paper's offer, which is backed by committed financing from UBS Investment Bank, is contingent on appropriate documentation and regulatory approval, which International Paper believes can be obtained.

 

International Paper first communicated its proposal verbally to the chairman of Temple-Inland on May 17th, 2011. Subsequently, there has been a call, a face-to-face meeting between the two sides and two letters of correspondence from the chairman of International Paper to the chairman of Temple-Inland. International Paper was informed in a letter from Temple-Inland's chairman dated June 4, 2011 that the Board of Temple-Inland has unanimously rejected International Paper's proposal. In response, International Paper today sent a letter to Temple-Inland expressing its continued interest in pursuing an acquisition (the full text of that letter is below).

 

International Paper chairman and CEO John Faraci said, "We are very disappointed with the response of Temple-Inland's Board of Directors. We believe that our proposal offers clearly superior and compelling value to Temple-Inland's shareholders. Our proposal reflects the future business plans and economic outlook for Temple-Inland and for the sector, and incorporates a significant portion of the cost savings resulting from the merger of International Paper and Temple-Inland, while at the same time creating value for International Paper shareholders."

 

The offer reflects the potential cyclical improvement in Temple-Inland's building products segment and International Paper's willingness to share a portion of the significant synergies available from the transaction with Temple-Inland shareholders. International Paper is prepared to consider all alternatives to successfully complete this transaction.

 

Investor Webcast

The company will hold a webcast at 5:00 p.m. EDT/4:00 p.m. CDT today. All interested parties are invited to listen to the call live via the company's Internet site at http://www.internationalpaper.com/ by clicking on the Investors tab and going to the Presentations page. A replay of the webcast will also be available beginning approximately two hours after the call. Parties who wish to participate in the webcast via teleconference may dial +1 (706) 679-8242 or, within the U.S. only, (877) 316-2541 and ask to be connected to the International Paper Investor Call. The conference ID number is 73833494. Participants should call in no later than 4:45 p.m. EDT/3:45 p.m. CDT. An audio-only replay will be available for four weeks following the call. To access the replay, dial +1 (706) 645-9291 or, within the U.S. only, (800) 642-1687, and when prompted for the conference ID, enter 73833494.

 

International Paper (NYSE: IP) is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include uncoated papers and industrial and consumer packaging, complemented by xpedx, the Company's North American distribution company. Headquartered in Memphis, Tennessee the company employs about 59,500 people in more than 24 countries and serves customers worldwide. 2010 net sales were more than $25 billion. For more information about International Paper, its products and stewardship efforts, visit internationalpaper.com.

 

ADDITIONAL INFORMATION

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. No tender offer for the shares of Temple-Inland Inc. ("Temple-Inland") has commenced at this time. In connection with the proposed transaction, International Paper Company (the "Company") may file tender offer documents with the U.S. Securities and Exchange Commission ("SEC"). Any definitive tender offer documents will be mailed to stockholders of Temple-Inland. INVESTORS AND SECURITY HOLDERS OF TEMPLE-INLAND ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by the Company through the web site maintained by the SEC at http://www.sec.gov. In connection with the proposed transaction, the Company may file a proxy statement with the SEC. Any definitive proxy statement will be mailed to stockholders of Temple-Inland. INVESTORS AND SECURITY HOLDERS OF TEMPLE-INLAND ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by the Company through the web site maintained by the SEC at http://www.sec.gov/.

 

CERTAIN INFORMATION REGARDING PARTICIPANTS

The Company and certain of its respective directors and executive officers may be deemed to be participants in the proposed transaction under the rules of the SEC. Security holders may obtain information regarding the names, affiliations and interests of the Company's directors and executive officers in the Company's Annual Report on Form 10--K for the year ended December 31, 2010 which was filed with the SEC on February 25, 2011, and its proxy statement for the 2011 Annual Meeting, which was filed with the SEC on April 8, 2011. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of these participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will also be included in any proxy statement and other relevant materials to be filed with the SEC when they become available.

 

FORWARD-LOOKING STATEMENTS

All statements included or incorporated by reference in this communication other than statements or characterizations of historical fact, are forward-looking statements. These statements reflect management's current views and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. Factors which could cause actual results to differ relate to: (i) the failure to realize synergies and cost-savings from the transaction or delay in realization thereof; (ii) increases in interest rates; (iii) industry conditions, including but not limited to changes in the cost or availability of raw materials, energy and transportation costs, competition we face, cyclicality and changes in consumer preferences, demand and pricing for our products; (iv) global economic conditions and political changes, including but not limited to the impairment of financial institutions, changes in currency exchange rates, credit ratings issued by recognized credit rating organizations, the amount of our future pension funding obligation, changes in tax laws and pension and health care costs; (v) unanticipated expenditures related to the cost of compliance with existing and new environmental and other governmental regulations and to actual or potential litigation; and (vi) whether we experience a material disruption at one of our manufacturing facilities and risks inherent in conducting business through a joint venture. We undertake no obligation to publicly update any statements or information relating to this release or the offer described above, whether as a result of new information, future events or otherwise. These and other factors that could cause or contribute to actual results differing materially from such forward looking statements are discussed in greater detail in the company's SEC filings.

 

The letter sent to Temple Inland from International Paper is attached

 

Dear Doyle:

International Paper is very disappointed by your Board's rejection of our proposal to acquire Temple-Inland for $30.60 per share in cash, which represents a 44% premium to your market price at noon EDT today ($21.21). We continue to believe that our proposal represents a highly attractive offer for Temple-Inland and fairly rewards your shareholders for potential future operational and cyclical improvement as well as the potential synergies in a combination of our two businesses. Given the complete lack of interest expressed by your Board's unanimous rejection of our proposal, we are compelled to take our offer directly to your shareholders.

 

Following our initial proposal communicated by telephone on May 17th and our face-to-face discussion on May 26th, we did not receive a substantive response until June 4th - almost three weeks after our initial contact. We believe your refusal to engage in discussions with us reflects an unrealistic view of the outlook for your portfolio of businesses, especially given the slow growth of the packaging industry and the low likelihood of a meaningful rebound in building products for at least the next several years.

 

The Temple-Inland recovery program referenced in your letter, including your focus on ROI, Box Plant Transformation I & II, the current industry dynamics and the cost structure of your building products operation, are already, in our judgment, fully reflected in your share price. Our ability to provide a cash offer at more than a 40% premium to market reflects not only the quality and fundamentals of your existing business, but also a very substantial portion of the significant cost savings that would result from the combination of the businesses and that are not otherwise available to you - and it gives all of that value to your shareholders immediately in cash, while ensuring a fair return for our own stockholders. After all, based on the information available in the public domain, the highest analyst forecast for your share price in the next 12-18 months is $29 per share.

 

Our offer is also at a price well above other relevant data points. Based on analyst consensus estimates, the offer multiple of 9.2x 2011E EBITDA (including $385 million timber monetization liability as well as $828 million of net debt including minority interest, both of which we believe are correct) is materially above that paid by us to Weyerhaeuser for their corrugated packaging business and that paid by Rock-Tenn to Smurfit-Stone. As the two most recent transactions in this sector, we disagree with your characterization that these two transactions are not comparable to our proposal. In fact, our valuation fully accounts for the fundamental differences between your company and these two other companies as reflected by the very significant premium in our proposal.

 

It is important to underscore that since January 2008 your return to shareholders, including reinvested dividends, has been only 6% per year. In that context, our proposal allows your shareholders to realize today, in cash, all of the potential future benefits that you may, or may not, deliver through cyclical and operational improvement.

 

This is the right time for you and the Temple-Inland Board to reconsider our proposed transaction. The economic recovery is slow. This in turn implies a slow recovery in packaging markets and box demand. In addition, the continued difficult housing market conditions mean that it is highly unlikely that your building products segment will be able to deliver significant earnings improvement, at least for the next few years. It would be in the best interests of Temple-Inland and your customers, employees, shareholders and other constituents for you to accept our proposal in a mutually beneficial negotiated transaction.

 

Your characterization of the regulatory issues in your letter is incorrect. We have studied these issues very thoroughly with the assistance of outside, independent experts. We believe we can obtain all required approvals, and we would be able to demonstrate this to you if you simply agreed to engage with us. We have also suggested repeatedly that a simple confirmatory due diligence process would lead to achieving the best price for your shareholders. We could complete our confirmatory due diligence and finalize the terms of a transaction in a few days.

 

In order to move forward quickly, we have retained Evercore Partners and UBS Investment Bank as our financial advisors and Debevoise & Plimpton as our legal advisor, which, alongside our senior management, have already completed extensive analysis and due diligence based on publicly available information. We have also obtained a debt financing commitment from UBS Investment Bank in an amount sufficient to consummate this transaction.

 

International Paper is committed to a transaction with Temple-Inland. Given the substantial value represented by our offer and the unique benefits of a transaction with us, we are confident that Temple-Inland's shareholders will support our proposal. We have taken the step of making this letter public to explain directly to your shareholders our proposal, our actions and our commitment. Your refusal to engage with us will only further delay the ability of your shareholders to receive the substantial value represented by our all-cash offer.

 

We are ready to meet with you and your team immediately to discuss next steps toward achieving a friendly, negotiated transaction.

Yours sincerely,

John V. Faraci

SOURCE International Paper

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The United Steelworkers (USW) and International Paper announced today that they have ratified a four-year Master Agreement contract that covers some 6,000 workers.

 

"The USW is extremely proud of the progress made by our members in the paper sector," said USW International President Leo W. Gerard. "Strong leadership and solidarity at each of the locations was vital to reaching this agreement at IP. The success of our local unions here sets a precedent for bargaining in rest of the industry."

 

"We are pleased that we have reached an agreement that accomplishes International Paper's bargaining objectives and continues to reinforce and build on the positive working relationship we have established over the past several years," said Paul Karre, Senior Vice President, Human Resources and Communications, International Paper.

 

The new contract includes wage increases in each year of the agreement, improvements to the pension and 401(k), cost stabilization for health care costs and employment security.

 

USW members covered by this contact include those represented by local unions in Augusta, Ga.; Campti, La.; Pensacola, Fla.; Courtland, Ala.; Georgetown, S.C.; Pine Hill, Ala.; Port Hueneme, Calif.; Prattville, Ala; Riegelwood, N.C.; Savannah, Ga.; Selma, Ala.; Texarkana, Texas; Ticonderoga, N.Y.; Valliant, Okla.; and, Vicksburg Miss. The USW represents 850,000 workers in the U.S. and Canada employed in the industries of metals, rubber, chemicals, paper, oil refining and the service sector. Some 100,000 are employed in the paper and pulp sector. For more information: www.usw.org/.

 

International Paper (NYSE: IP) is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include uncoated papers and industrial and consumer packaging, complemented by xpedx, the company's North American distribution company. Headquartered in Memphis, Tenn., the company employs about 59,500 people in more than 24 countries and serves customers worldwide. 2010 net sales were more than $25 billion. For more information about International Paper, its products and stewardship efforts, visit www.internationalpaper.com.

 

SOURCE International Paper; United Steelworkers

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International Paper has announced Glenn Landau has been named vice president of Investor Relations, effective May 1. Landau will report to Tim Nicholls, chief financial officer and senior vice president, and will be based in the company's Memphis, Tenn., headquarters.

 

"Glenn brings extensive knowledge of the company's portfolio, performance and strategy," Nicholls said. "His experience within the company and industry, coupled with his customer-focused approach, position Glenn to be an excellent liaison with our shareowners, further enabling them to cultivate an accurate and thorough understanding of our progress toward strengthening our global platform businesses and creating value for shareowners."

 

Landau, 42, began his career with International Paper in 1991 and held positions of increasing responsibility within the company's U.S. Container and European Container businesses before being named director, strategic planning and fiber supply in 2004, with responsibility for coordinating the strategic direction of the Forest Resources business and providing leadership for the real estate and minerals groups. He was appointed to his current position as vice president and general manager - Containerboard in 2007, where he was instrumental in the company's acquisition, integration and optimization of the former Weyerhaeuser packaging and recycling businesses as well as in the business' successful navigation of the 2009-2010 economic recession. Landau earned his bachelor's degree in Industrial Engineering in 1991 from Rutgers University.

 

Landau replaces Tom Cleves, who has been named vice president and general manager, Containerboard & Recycling.

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andhraInternational Paper has entered into agreements with Mr. L.N. Bangur, and related family members and affiliates to purchase approximately 53.5 percent of the outstanding shares of Andhra Pradesh Paper Mills Limited for approximately US$257 million in cash. In addition, International Paper has agreed to a US$62 million non-compete payment to the sellers.

 

Pursuant to Indian securities law, International Paper will also launch a mandatory public tender offer to acquire up to an additional 21.5 percent of the outstanding shares of APPM for approximately US$104 million in cash. International Paper anticipates acquiring up to 75 percent of APPM's outstanding shares through these two transactions.

 

Once completed, the transaction will position International Paper as the first global paper and packaging company with a significant position in India's fast growing economy.

 

"APPM is an established and highly respected company in India, and is an excellent platform for International Paper to grow with the Indian paper and packaging markets," said John Faraci, chairman and chief executive officer of International Paper. "Both APPM and the India paper and packaging industry are growing at substantial rates, and we believe that IP's global operations and technical expertise can accelerate that growth and create value for customers as well as IP and APPM shareholders."

 

L.N. Bangur, executive chairman, Bangur Group, said, "We have built a strong business in India, and the next phase of growth requires a different set of resources and capabilities. International Paper is the right company to take the business forward and deepen maturity of the sector in India."

 

"International Paper has a proven track record of bringing global best practices in operational excellence, industrial safety as well as social responsibility into our emerging market investments, and we intend to do the same in India with APPM," said Tom Kadien, senior vice president of IP's Consumer Packaging and IP Asia businesses. "This investment will be positive for employees and their communities, customers, shareholders and the state of Andhra Pradesh."

 

APPM is one of the leading integrated paper manufacturers in India, with two mills with combined capacity of about 250,000 metric tonnes of uncoated freesheet paper annually. The existing and capable management team and 2,500 employees of APPM will continue to operate the business, supplemented by additional IP leadership and technical resources.

 

The share purchase and public tender are expected to be completed as early as the third quarter of 2011, subject to regulatory and other approvals, including the Security and Exchange Board of India (SEBI), the Reserve Bank of India (RBI), and, if applicable, the Competition Commission of India (CCI).

 

Note: All USD monetary amounts are approximations based on an Indian Rupee to U.S. Dollar exchange rate of INR 45 per US$.

Published in Asian News

For the fifth consecutive year, International Paper was recognized by The Ethisphere Institute as one of the World's Most Ethical Companies. The designation recognizes companies that go beyond making statements about doing business "ethically" and instead, translate those words into action. According to the Institute, honorees demonstrate real and sustained ethical leadership within their industries, putting into business practice the Institute's credo of 'Good. Smart. Business. Profit.'

 

"Strong ethics provide the foundation for all that we do at International Paper," said John Faraci, chairman and chief executive officer. "Earning this recognition for the fifth year in a row is a reflection of doing things the right way, for the right reasons."

 

Sharon Ryan, vice president and chief ethics and compliance officer said, "Being named one of the World's Most Ethical Companies, for the fifth year running, is a validation of our Company's outstanding commitment to ethical leadership, compliance and social responsibility. We should all be proud of this recognition as it affirms ethics is indeed at the core of our culture."

 

Ethisphere Institute researchers and editors reviewed thousands of companies to determine the finalists. Among other criteria, the process included examination of codes of ethics, litigation and regulatory infraction histories; evaluations of investment in innovation and sustainable business practices; and activities designed to improve corporate citizenship.

 

SOURCE International Paper

Published in North American News

Each day throughout the month of April, Memphis Botanic Garden in partnership with International Paper will host a month-long celebration of Earth Day.


Children and adults will enjoy a variety of special events designed to improve familiarity with ecology and environmentally-friendly practices that can be carried over into everyday living.


Throughout April, visitors can take a Conservation Hike, which includes a series of stations around the Garden with information on conservation in the Mid-South. At each stop, visitors will be challenged to think of specific conservation steps they can take to make a difference.


Mondays will feature an After School Green Hour in My Big Backyard. Research has shown that children spending at least an hour each day in an outdoor environment are healthier and perform better in academic and other areas.


Thursdays will include the Going Green Lunch Scene, a series of informal talks by experts focusing on a different green topic each week.


Other highlights will include an Aquatics Talk by Dr. Hyun Jung Cho, Delicious & Nutritious Vegetables: Disease-fighting Power of Produce by Dr. Dean A. Kopsell, Environmental Playhouse learning activities at the Garden's Spring Plant Sale, Backyard Picnic and concert, and a Kids-Only Yard Sale, which will give children a chance to recycle their old toys by selling to shoppers who'll give them new homes.


This series of nature-themed family events and educational programs is a clear example of how non-profit and private organizations can work together to further our cause of educating the community on environmental issues.


"At International Paper, we are proud of our legacy of sustainability and environmental stewardship," said IP Foundation Executive Director Kim Wirth. "Partnering with the Memphis Botanic Garden to celebrate Earth Day is another extension of our commitment to the communities where we live and work."

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International Paper has announced that its Board of Directors has approved an increase in its quarterly common stock dividend from twelve and one-half cents ($0.125) per share to eighteen and three-quarter cents ($0.1875) per share, effective for the dividend payable March 15, 2011 to shareholders of record on February 15, 2011.

"This second dividend increase reflects our intent to restore our dividend to pre-recession levels," said John Faraci, Chairman and chief executive officer. "Today, International Paper is a much stronger company and we remain committed to creating sustainable returns for our shareholders."

Record and Payment Date Information for First-Quarter Dividend

The company declared a regular quarterly dividend of $0.1875 per share for the period from January 1, 2011 to March 31, 2011, inclusive, on its common stock, par value $1. This dividend is payable on March 15, 2011, to holders of record at the close of business on February 15, 2011.

The company also declared a regular quarterly dividend of $1 per share for the period from January 1, 2011 to March 31, 2011, inclusive, on the cumulative $4 preferred stock of the company. This dividend is also payable on March 15, 2011, to holders of record at the close of business on February 15, 2011.

About International Paper

International Paper is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include uncoated papers, industrial and consumer packaging and distribution. Headquartered in Memphis, Tenn., the company employs about 60,000 people in more than 20 countries and serves customers worldwide. 2009 net sales were more than $23 billion. For more information about International Paper, its products and stewardship efforts, visit internationalpaper.com .

This press release contains forward-looking statements. These statements reflect management's current views and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. Factors which could cause actual results to differ relate to business and credit market conditions which could cause the Company to maintain this new dividend rate for an extended period of time, or in the future decide to increase, reduce or suspend the dividend. These and other factors that could cause or contribute to actual results differing materially from such forward looking statements are discussed in greater detail in the company's Securities and Exchange Commission filings.

SOURCE International Paper

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