IP improves balance sheet.(International Paper Co.)(Brief article)
Official Board Markets, January, 2007
International Paper (IP), Memphis, Tenn., has strengthened its balance sheet by more than $7 billion since undertaking a transformation plan in mid-2005 to become a more profitable, more focused company.
"Strengthening our balance sheet provides solid positioning as we move into 2007," says Marianne Parrs, IP's chief financial officer. "This approach is consistent with our intent to maintain our investment-grade credit rating, while also reducing our annual interest expense."
As part of its transformation the company plans to spend approximately $6 billion to $7 billion to strengthen its balance sheet through debt repayment and voluntary contributions to its US. pension fund. It has reduced its debt by approximately $6.2 billion, from...
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