International Paper (IP) received a dividend of USD 121 million from Ilim Group, its JV partner in Russia. According to the announcement, the dividend is based on prior year performance. Since inception in 2007, IP has received a total of USD 516 Million in dividends from the Ilim JV.
In 2016, the JV set production records at all three of its mills and realized higher sales volume due to increased demand for its products.
Mark Sutton, Chairman and CEO, commented:
“This dividend reflects the significant progress we’ve made together during the past 10 years. This summer marks the 10th anniversary of our joint venture with Ilim, and we are very pleased with the investment and the relationships we’ve forged as we work together to create an even better business. The business is focused on serving customers in key markets such as Russia, Asia and Europe with a world class, low cost asset base and excellent commercial capabilities. The JV is a great example of IP’s strategy of establishing advantaged positions in attractive markets.”
In 2016 International Paper reported 3.6% decrease of net earnings.
Earlier International Paper appointed a new SVP Human Resources and Global Citizenship.
About International Paper:
The company is a global leader in packaging and paper with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include industrial and consumer packaging along with uncoated papers and pulp. International Paper net sales for 2016 were USD 21 billion. The company employs approximately 58,000 people and is strategically located in more than 24 countries serving customers worldwide.