International Paper Co. - IP STOCK NEWS

International Paper (NYSE: IP) has agreed to sell its 90.38% stake in Olmuksan International Paper to Mondi Group for about €66 million. This transaction includes corrugated packaging facilities in Turkey, generating approximately TRY1,093 million (€150 million) annually. The deal is expected to close in the first half of 2021, pending regulatory approvals. This divestiture aligns with International Paper's strategy to enhance market positioning, reinforcing its focus on corrugated packaging as a key business segment in the EMEA region.

International Paper (NYSE: IP) plans to spin off its Printing Papers segment into a standalone company, SpinCo, aiming for clearer focus and long-term success. The spin-off is projected to be tax-free for shareholders and is set to complete by late Q3 2021. Post-transaction, International Paper aims for $17 billion in sales, focusing on industrial packaging and cellulose fibers, with expected annual earnings growth of $350-$400 million. SpinCo will initially have $4 billion in sales and will not pay dividends initially, while International Paper may reduce dividends by 15-20%.

International Paper (NYSE: IP) will release its fourth-quarter and full-year 2020 earnings on February 4, 2021, before the market opens. A webcast to discuss the earnings and current market conditions will begin at 10 a.m. ET. The company has also announced its 2021 earnings dates: April 29 for the first quarter, July 29 for the second quarter, and October 27 for the third quarter. In 2019, International Paper reported net sales of $22 billion.

International Paper reported third quarter 2020 earnings of $204 million ($0.52 per share), down from $266 million ($0.67 per share) in Q2 2020 and $344 million ($0.87 per share) in Q3 2019. Adjusted operating earnings were $280 million ($0.71 per share), also lower than previous quarters. Cash provided by operations was $735 million, down from $890 million in Q2 2020. The company reduced debt by $760 million year-to-date and noted increased demand for corrugated packaging. The effective tax rate decreased to 18%. Special items totaled a net charge of $83 million.

International Paper (NYSE: IP) has successfully completed the sale of its Brazilian corrugated packaging business to Klabin S.A.. This business comprised three containerboard mills and four box plants. Despite this divestiture, International Paper will maintain its operations in the papers and forestry sectors within Brazil. The company continues to focus on its core products, including renewable fiber-based packaging, pulp, and paper, contributing to its standing as a global leader in the industry.

International Paper (NYSE: IP) declared a quarterly dividend of $0.5125 per share for the period from October 1 to December 31, 2020. This dividend is payable on December 15, 2020, to shareholders on record by November 16, 2020. Additionally, the company announced a quarterly dividend of $1.00 per share on its cumulative preferred stock, also payable on December 15, 2020. International Paper is a prominent global producer of renewable fiber-based products with net sales of $22 billion in 2019, serving over 25,000 customers worldwide.

International Paper (NYSE: IP) is set to release its third-quarter earnings on October 29, 2020, prior to the opening of the New York Stock Exchange. A webcast discussing earnings and market conditions will start at 10 a.m. ET. Interested parties can access the call via the company's website, with participation options available for teleconference. A replay will be accessible for ninety days post-call.

The company reported $22 billion in net sales for 2019, showcasing its position as a major global producer in renewable fiber-based products.

International Paper Company (NYSE: IP) announced pricing terms for its Waterfall Tender Offer to purchase up to $700 million of outstanding 3.650% Notes due 2024 and 3.800% Notes due 2026. The Reference Yield, determined by Lead Dealer Managers, is 0.263%. Accrued interest will also be paid. The Early Tender Deadline was on September 21, 2020, and due to high demand, no additional Notes will be accepted beyond the Waterfall Tender Cap. The tender offer is subject to certain conditions outlined in the Offer to Purchase.

International Paper Company (NYSE: IP) announced early tender results for its $700 million Waterfall Tender Offer for the 3.650% Notes due 2024 and 3.800% Notes due 2026. As of September 21, 2020, the company accepted tenders amounting to $275,826,000 for the 3.650% Notes and $202,395,000 for the 3.800% Notes. Notably, due to oversubscription, approximately $126,810,000 of the 3.800% Notes will be bought back on the Waterfall Early Settlement Date of September 23, 2020.