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April 8, 2014
14:34 EDTIPInternational Paper acquires remaining shares of Orsa IP Embalagens
International Paper has acquired the remaining 25% of shares of Orsa International Paper Embalagens S.A. from its joint venture partner, Brazilian pulp and packaging producer Jari Celulose, Embalagens e Papel S.A. The shares were purchased at the original transaction price per share for ~$135MM. With this transaction, International Paper takes full ownership of three containerboard mills and four box plants, which made up Jari's former corrugated packaging assets. "This investment is in-line with our strategy to selectively grow our industrial packaging business globally in attractive markets and put capital to work that deliver returns above our cost of capital," said CEO John Faraci.
News For IP From The Last 14 Days
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October 12, 2015
05:08 EDTIPStocks with implied volatility movement; CLF IP
Stocks with implied volatility movement; Cliffs Natural (CLF) 118, International Paper (IP) 31 according to iVolatility.
October 9, 2015
06:08 EDTIPWeyerhaeuser upgraded to Neutral from Sell at UBS
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06:07 EDTIPPotlatch upgraded to Neutral from Sell at UBS
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05:11 EDTIPInternational Paper to exit Chinese coated board JV
International Paper announced that it has entered into a definitive agreement with its Chinese coated board joint venture partner, Shandong Sun Holding Group, to sell its 55% equity interest in the joint venture. As consideration for the sale, the company will receive approximately $23M in cash. Additionally, the company will remove approximately $400 million of currently outstanding debt from the company's balance sheet, along with the other assets and liabilities of the IP-Sun JV, following completion of the transaction. International Paper also announced that it is pursuing strategic options for its corrugated box business in China and South East Asia and has signed a non-binding letter of intent with a prospective buyer based in China. The IP-Sun JV transaction is expected to be completed within the next six months, subject to satisfaction of closing conditions, including obtaining required Chinese governmental approvals. International Paper estimates the agreement to sell the Chinese coated board joint venture, which started in 2006, will result in net pre-tax noncash asset write-offs of approximately $200M to be recorded in the third quarter of 2015.
October 7, 2015
06:16 EDTIPContainers and Packaging sector upgraded to Overweight at Wells Fargo
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