IP to reduce debt by $3 billion


3 December 2004 – Stamford (CT): 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 Smith Barney conference in New York yesterday, president Robert 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 primarily on developing business in Brazil and China, he added.