IP Contributes $650 Million to Pension Fund

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International Paper, Memphis, Tenn., USA, announced this week that it is making a $650 million voluntary contribution to its U.S. pension fund. In July, IP made a voluntary contribution of $500 million to the fund, which brings the year-to-date contribution total to $1.15 billion.

"These contributions to the U.S. pension fund help fulfill our long-term funding requirements and will reduce our future pension expense," said Robert Hunkeler, VP of investments.

IP has manufacturing operations in North America, Europe, Latin America, Russia, Asia, and North Africa. Its businesses include uncoated papers, industrial and consumer packaging, and distribution. The company employs about 60,000 people in more than 20 countries and serves customers worldwide. Net sales in 2009 were more than $23 billion.