IP to cut $3b of debt


International Paper is aiming to reduce its debt by about $3 billion to $12 billion over the next 24 months, the company has disclosed.

At a recent Smith Barney conference in New York, president Rob Amen said that over 2005 and 2006, the company will look to digest non-strategic assets, invest in best-performing strategic businesses, and expand in fast growing, low cost markets such as eastern Europe, Latin America and Asia.

Within these markets, the company would focus on Brazil and China, he added.

Stamford (CT)