International Paper To Invest $103 Million in Cedar River Mill

Rhea-AI Summary

International Paper (NYSE:IP) plans to invest approximately $103 million to construct two natural gas power boilers for its Containerboard Mill in Cedar Rapids, Iowa. Construction will commence in Q2 2023 and is expected to be operational by the end of 2025. This initiative will create seven new permanent positions, with an additional 100 construction jobs during the project. The new boilers will lead to a 25% reduction in emissions by replacing coal-based generators, aligning with IP's Vision 2030 goal of a 35% reduction in greenhouse gas emissions. The investment underscores IP's commitment to the Cedar Rapids community and its Industrial Packaging business.

Positive

• Investment of $103 million to build natural gas power boilers.
• Creation of seven new permanent positions at Cedar Rapids mill.
• Approximately 100 construction jobs expected during the project.
• Projected 25% reduction in emissions at the mill.

Negative

• None.

MEMPHIS, TN / ACCESSWIRE / January 20, 2023 / International Paper (NYSE:IP) today announced formal plans to invest approximately $103 million to build and operate two natural gas power boilers to generate steam for its Containerboard Mill in Cedar Rapids, Iowa. Construction is set to begin in the second quarter of this year and be fully operational by the end of 2025.

The project will result in the addition of seven new positions, bringing the mill's total employment to 247. Additionally, roughly 100 construction jobs will be created to support the build during the estimated project timeline.

"Congratulations to the Cedar River Mill team members. This investment is a direct reflection of your hard work and dedication to our customers and reflects the Company's commitment to the community and our Industrial Packaging business," said Jay Royalty, Senior Vice President, Containerboard, International Paper. "Thank you also to the City of Cedar Rapids and the State of Iowa for their support and collaboration during the planning phases of this project."

IP is committed to our Vision 2030 target of reducing our enterprise greenhouse gas emissions by 35% by year 2030. This target is verified by the Science Based Target Initiative. The company's Cedar River Containerboard Mill's emissions would be directly reduced by approximately 25% as a result of the replacement of coal-based steam generators in the project.

"There was tremendous community excitement when the recycling paper mill was announced back in the early 1990s. Almost 30 years later the commitment by International paper continues with this latest $100 million-dollar plus investment," said Ron Corbett, Vice President of Economic Development, Cedar Rapids Metro Economic Alliance. "IP has shown again their support of the mill and the community of Cedar Rapids."

About International Paper
International Paper (NYSE: IP) is a leading global supplier of renewable fiber-based products. We produce corrugated packaging products that protect and promote goods, and enable worldwide commerce, and pulp for diapers, tissue and other personal care products that promote health and wellness. Headquartered in Memphis, Tenn., we employ approximately 38,000 colleagues globally. We serve customers worldwide, with manufacturing operations in North America, Latin America, North Africa and Europe. Net sales for 2021 were $19.4 billion.

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Contacts

Media: Amy Simpson, 901-419-4964; Investors: Mark Nellessen, 901-419-1731 and Michele Vargas, 901-419-7287.

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Contact Info:
Spokesperson: International Paper Company
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Email: info@3blmedia.com

SOURCE: International Paper Company

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