International Paper Announces Contribution to Pension Fund
MEMPHIS, Tenn., Nov. 21, 2011 /PRNewswire/ — International Paper (NYSE: IP) today made a $300 million voluntary contribution to its U.S. pension fund. The last voluntary pension contribution the company made was in September of 2010, adding $650 million to the fund. Within the last 17 months, IP has now added $1.45 billion in voluntary contributions to its U.S. pension fund. “These contributions help fulfill our long-term funding requirements and reinforce IP’s commitment to maintaining a sound retirement program for its employees and pension beneficiaries,” said Robert Hunkeler, International Paper’s vice president of investments.
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About International Paper
International Paper (NYSE: IP) is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include uncoated papers and industrial and consumer packaging, complemented by xpedx, the Company’s North American distribution company. Headquartered in Memphis, Tennessee the company employs about 59,500 people in more than 24 countries and serves customers worldwide. 2010 net sales were more than $25 billion. For more information about International Paper, its products and stewardship efforts, visit internationalpaper.com.
SOURCE International Paper