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INTERNATIONAL PAPER COMPANY

(IP)
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Real-time Estimate Cboe BZX  -  11:35:06 2023-03-28 am EDT
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International Paper to Increase Investments in Morocco, Supporting Customer Demand for Sustainable Corrugated Packaging

03/08/2022 | 09:08am EDT

Brussels, Belgium / Casablanca, Morocco - International Paper (IP), one of the world's leading producers of renewable fiber-based packaging and absorbent pulp solutions, is announcing another investment program worth 100 million MAD (10 million EUR) at its production facilities in Morocco for 2022. The investment comes in response to the continued increase in demand for corrugated packaging solutions.

Most recently, the company celebrated the milestone of surpassing an annual production volume of 50 MM sqm at its Tangier box plant for the first time since acquiring the facility in 2017. Building on this success, approx. 65 million MAD will be dedicated to new equipment enhancing the Tangier site's box making capacity and capabilities in order to further strengthening International Paper's position in the fresh fruit & vegetable (F&V) and the automotive segments.

More specifically, the investment will increase production capacity for high-quality printed F&V trays at the facility by an estimated 55 million units annually. As a result, F&V customers across Morocco will benefit from greater box availability and choice and further enhanced service. Going forward the Tangier site will also have the capability to manufacture large American boxes, essential for customers in the automotive sector.

'Our customers and end users want products that contribute to a more sustainable, low-carbon future,' explains Bertrand Laplaud, Regional General Manager for Morocco & West Africa at International Paper. 'Corrugated packaging is best suited to respond to this demand and our investments will make more sustainably made packaging products that people depend on every day available in Morocco, contributing to the circular economy.'

Looking to promote circularity in all areas of the value chain, IP's efforts to minimize waste and maximize material recovery spans product design and development, raw material sourcing, and circular manufacturing processes as well as collaborating with customers and suppliers. For instance, International Paper's Moroccan Kenitra mill uses approx. 90,000 tonnes of locally sourced OCC (old corrugated containers) each year to make recycled containerboard. This product is then converted at the company's plants in Agadir, Casablanca and Tangier into corrugated trays and boxes to transport customers' valuable goods to the end user.

In order to further advance energy efficiency at IP's Kenitra recycled containerboard mill, approx. 35 million MAD will be dedicated to the installation of a new multi-fuel boiler which will enable greater fuel mix diversity. IP will also investigate the feasibility of implementing other alternative energy options at the mill, such as solar energy, as Morocco continues to explore different fuel strategies. 'We're excited about this significant investment program', said Bertrand Laplaud. 'Delivering the products our customers want while leading the path in sustainability is at the core of our strategy. Morocco remains very attractive for us as its economy continues to grow at healthy rates, and we strive to build on our advantaged position and further grow our business.' This significant investment is another sign of International Paper's continued commitment to the Europe, Middle East & Africa region and sustainably growing its corrugated packaging business there.

About International Paper

International Paper (NYSE: IP) is a leading global supplier of renewable fiber-based products. We produce corrugated packaging products that protect and promote goods, and enable worldwide commerce, and pulp for diapers, tissue and other personal care products that promote health and wellness. Headquartered in Memphis, Tenn., we employ approximately 38,000 colleagues globally. We serve customers worldwide, with manufacturing operations in North America, Latin America, Europe, and North Africa. Net sales for 2021 were $19.4 billion. Additional information can be found by visiting InternationalPaper.com.

In Europe, Middle East & Africa (EMEA), International Paper focuses on the production and marketing of fiber-based packaging and specialty pulp, employing approximately 4,300 people. As a leading supplier of high-quality corrugated containers for a multitude of applications, we serve customers throughout the region from our network of two recycled containerboard mills and 23 box plants in France, Italy, Morocco, Portugal and Spain. Specialty pulp is made in Gdansk, Poland. Other products available from International Paper in the region include a variety of Kraft linerboard and other pulp products.

Contact:

INTERNATIONAL PAPER BELGIAN SERVICES COMPANY S.R.L.

CHAUSSEE DE LA

HULPE 166 1170 BRUSSELS

BELGIUM

TEL: +32 (0)2 774 1211

(C) 2022 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2023 20 180 M - -
Net income 2023 1 053 M - -
Net Debt 2023 4 443 M - -
P/E ratio 2023 11,4x
Yield 2023 5,39%
Capitalization 12 078 M 12 078 M -
EV / Sales 2023 0,82x
EV / Sales 2024 0,81x
Nbr of Employees 39 000
Free-Float 77,2%
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Mean consensus HOLD
Number of Analysts 14
Last Close Price 34,50 $
Average target price 40,54 $
Spread / Average Target 17,5%
EPS Revisions
Managers and Directors
Mark S. Sutton Chairman & Chief Executive Officer
Timothy S. Nicholls Chief Financial Officer & Senior Vice President
Robert W. Wenker Chief Information Officer & Vice President
Mike Anderson Chief Information Officer & Vice President
Aimee Gregg Senior VP-Supply Chain & Information Technology
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