In the news release, International Paper Receives $121MM
Dividend from Ilim Group, issued 08-Mar-2017 by International Paper over PR
Newswire, we are advised by the company that the first paragraph,
first sentence, should read "$121
million" rather than "$100
million" as originally issued inadvertently. The complete,
corrected release follows:
International Paper Receives $121MM Dividend from Ilim Group
MEMPHIS, Tenn., March 8, 2017 /PRNewswire/ -- International
Paper (NYSE: IP) received a dividend of $121
million from Ilim Group, IP's joint venture partner in
Russia. The dividend is based on
prior year performance, and in 2016, the JV set production records
at all three of its mills and realized higher sales volume due to
increased demand for its products. Since inception in 2007, IP has
received a total of $516 Million in
dividends from the Ilim JV.
"This dividend reflects the significant progress we've made
together during the past 10 years," said Mark Sutton, Chairman and Chief Executive
Officer. "This summer marks the 10th anniversary of our
joint venture with Ilim, and we are very pleased with the
investment and the relationships we've forged as we work together
to create an even better business. The business is focused on
serving customers in key markets such as Russia, Asia
and Europe with a world class, low
cost asset base and excellent commercial capabilities. The JV
is a great example of IP's strategy of establishing advantaged
positions in attractive markets."
A key element of Ilim's strategy was the 2014 completion by the
JV of a $1.5 billion capital
investment over a five-year period at two of its three mills. This
unprecedented investment in the Russian pulp and paper industry
upgraded equipment, increased production capacity and allowed for
high-value product development. Additionally, the investment was a
key element in the JV's strategy to improve environment, health and
safety standards across operations.
About International Paper
International Paper (NYSE: IP) is a leading global producer of
renewable fiber-based packaging, pulp and paper products with
manufacturing operations in North
America, Latin America,
Europe, North Africa, Asia and Russia. We produce packaging
products that protect and promote goods, and enable world-wide
commerce; pulp for diapers, tissue and other personal hygiene
products that promote health and wellness; papers that facilitate
education and communication; and paper bags, cups and food
containers that provide convenience and portability. We are
headquartered in Memphis, Tenn.,
and employ approximately 55,000 colleagues located in more than 24
countries. Net sales for 2016 were $21
billion. For more information about International
Paper, our products and global citizenship efforts, please visit
internationalpaper.com.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/international-paper-receives-121mm-dividend-from-ilim-group-300419778.html
SOURCE International Paper