International Paper foresees box plant closures

Company CFO reveals capacity reductions will likely happen before end of year

By Maria Varmazis -- Purchasing, 8/21/2008 9:25:00 AM

Tim Nicholls, CFO of International Paper, said at the 2008 Reuters Paper Industry Summit yesterday that the company anticipates it will close between 10 and 13 box plants by the end of this year. "I would expect you'd hear something from us soon," he said at the conference. "It may not be in the third quarter, but probably by year-end we will be talking about this."

The Memphis, Tenn.-based paper and packaging maker became the largest containerboard producer in North America when it completed its $6 billion acquisition of Weyerhaeuser earlier this year.