PENSACOLA, Fla., April 3, 2017 /PRNewswire/ -- International
Paper's Pensacola Mill in Cantonment,
Fla., has successfully resumed full operations following a
digester incident that occurred on January
22, 2017. The company, with the assistance of independent
third-party experts, has implemented enhanced procedures and
protections across the enterprise to prevent the recurrence of such
an incident.
"We are pleased to report that full operations at our
Pensacola site have resumed," said
Tim Nicholls, senior vice president,
International Paper. "Our primary focus remains on ensuring the
health and safety of our employees, contractors and community
members – along with providing our customers the excellent service
they have come to expect," added Nicholls.
Including capital expenses, the company estimates total costs
related to the incident will be between $80
and $120 million. The majority of these costs are expected
to be recovered through insurance coverage.
Certain statements in this press release may be considered
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, such as changes in our estimates for
the costs and insurance coverage associated with the incident at
our Pensacola, Florida mill.
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. We undertake no
obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
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.
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SOURCE International Paper