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International Paper Says "No Comment" on Rumors Reported by Media Outlets

International Paper

May 7, 2024 - International Paper today issued a statement addressing "rumors or speculation" in recent media reports. Although IP did not specify the details of the rumors, a number of outlets earlier today reported that Suzano has approached International Paper to express interest in an all-cash acquisition. The media outlets referenced anonymous or unnamed people as sources.

International Paper Statement

In a written statement, International Paper said, "Consistent with its standing practice, International Paper ("IP") (NYSE: IP) offers no comment on rumors or speculation contained in recent media reports. The IP team, led by new CEO Andy Silvernail, is executing on business strategies and pursuing commercial and cost improvement initiatives across the portfolio to achieve best-in-class profit margins and significant earnings growth.

"In addition, as industry conditions continue to improve, IP will come out of a cyclical bottom for earnings.

"The company is also focused on completing its previously announced combination with DS Smith, which offers a unique and highly compelling opportunity to create significant shareholder value above its base plan."

International Paper is a global producer of sustainable packaging, pulp and other fiber-based products, and one of the world's largest recyclers. Headquartered in Memphis, Tennessee, IP employs approximately 39,000 colleagues globally. The company serves customers worldwide, with manufacturing operations in North America, Latin America, North Africa and Europe. Net sales for 2023 were $18.9 billion.

SOURCE: International Paper

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