International Paper to cut about 900 jobs as a results of production shutdowns
Shares of International Paper Co. (IP) slipped 0.1% in premarket trading Wednesday, after the paper producer said production shutdowns to optimize manufacturing will result in about 900 employees losing their jobs. The paper producer said it will permanently close its containerboard mill in Orange, Texas and permanently cease production on two pulp machines, one in Riegelwood, N.C. and one in Pensacola, Fla. The closure in Orange will cut containerboard capacity by about 800,000 tons and ceased production in Riegelwood and Pensacola will reduce pulp capacity by about 500,000 tons. IP's stock has rallied 13.2% over the past three months through Tuesday while the S&P 500 has lost 4%.
-Tomi Kilgore
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
10-18-23 0929ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
These Stocks Are (Still) Powering the Bull Market
-
5 Undervalued Energy Stocks to Play the AI Data Center Demand Boom
-
After Earnings, Is Lowe’s Stock a Buy, Sell, or Fairly Valued?
-
5 Stocks With the Largest Fair Value Estimate Cuts After Q1 Earnings
-
10 Stocks With the Largest Fair Value Estimate Increases After Q1 Earnings
-
Markets Brief: Inflation Back in the Spotlight
-
AI Is Booming, but Consumer Spending Is Slowing. Which Will Prevail in the Stock Market?
-
What’s Happening In the Markets This Week
-
3 Dividend Stocks for June 2024
-
After Earnings, Is Alibaba Stock a Buy, Sell, or Fairly Valued?
-
MongoDB Earnings: Slashing Valuation as Execution and Macro to Blame for Lower Guidance
-
Marvell Earnings: We Raise Our Medium-Term AI Forecast and Bring Our Valuation Up to $75
-
Zscaler Earnings: Impressive Traction in Emerging Products Drives Sales Growth for the Quarter
-
Dell Earnings: Raising Valuation on Strong AI, but the Stock Remains Severely Overvalued
-
After Earnings, Is Nvidia Stock a Buy, Sell, or Fairly Valued?
-
The 10 Best Companies to Invest in Now