|International Paper to Cease Operations at Hudson River Mill in Fourth Quarter|
STAMFORD, Conn., June 18 /PRNewswire-FirstCall/ -- International Paper (NYSE: IP) today announced it has decided to close its Hudson River mill in Corinth, NY., in the fourth quarter of 2002. During this time the mill will be for sale.
"We have a strong history of papermaking at Hudson River and a highly skilled workforce, however, the sluggish economy, coupled with steeply reduced demand has hindered the process of positioning the mill to compete effectively," said LH Puckett, senior vice president for IP's coated and supercalendered papers business. "This mill continues to be the highest cost machine in our coated papers system, and despite our efforts, we could not develop a plan for the mill to support our overall coated paper business."
"Our employees have worked tirelessly through a paper machine shutdown last year and very tough economic times," said Peter Connery, mill manager. "Throughout considerable uncertainty over the last several years, Hudson River employees have consistently performed in an exemplary fashion."
International Paper's Hudson River Mill is a coated paper mill producing approximately 100,000 tons of coated groundwood and freesheet paper grades as well as a range of specialty products.
The mill's 290 jobs will be eliminated as a result of the closure.
International Paper (http://www.internationalpaper.com) is the world's largest paper and forest products company. Businesses include paper, packaging, and forest products. As one of the largest private forest landowners in the world, the company manages its forests under the principles of the Sustainable Forestry Initiative (R) (SFI(SM)) program, a system that ensures the continual planting, growing and harvesting of trees while protecting wildlife, plants, soil, air and water quality. Headquartered in the United States, at Stamford, Conn., International Paper has operations in nearly 50 countries and exports its products to more than 130 nations.
Statements included in this release that are not historical are forward-looking and are subject to risks and uncertainties, including risks related to whether or not the rationalization plan will improve the company's supply and demand balance and whether the other anticipated benefits of the shutdown can be realized. Other factors which could cause actual results to differ, include, among other things, changes in overall demand, changes in domestic or foreign competition, changes in the cost or availability of raw materials, and the cost of compliance with environmental laws. In view of such uncertainties, investors are cautioned not to place undue reliance on these forward-looking statements.
SOURCE International Paper
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