International Paper to Shut Down Packaging Machine
By Graphic Arts Online Staff -- Graphic Arts Online, September 9, 2008
VALLIANT, OK, PRNewswire-FirstCall/ -- Today, International Paper (NYSE: IP) announced plans for an indefinite shutdown of its No. 3 paper machine at the Valliant Mill in Oklahoma as of Nov. 1. This machine produces approximately 430,000 tons annually of containerboard, used to make corrugated packaging.
"The decision to shut down this machine will enable us to match our production to our customer needs and limit our exposure to high fiber and other input costs in the area," said Carol Roberts, senior vice president of IP's Industrial Packaging business. "Nevertheless, this decision will impact very good, hardworking people, and we are taking steps to support them."
Approximately 60 jobs will be impacted at the mill as a result of the machine shutdown. The company will provide severance and outplacement assistance to affected employees.
Key grades produced on the No. 3 machine will be transitioned to other mills to meet customers' needs.
Prior to the shutdown of Valliant No. 3, International Paper's North American containerboard production is about 11.5 million tons per year.
About International Paper
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 more than 65,000 people in more than 20 countries and serves customers worldwide. 2007 net sales were approximately $22 billion. www.internationalpaper.com
