Fourth Quarter 2016 Highlights •Recorded a loss of $0.34 per diluted share from continuing operations resulting from a $0.91 non-cash charge related to the transfer of certain pension plan assets and liabilities to a third party •Earned $0.71 of adjusted earnings per diluted share from continuing operations •Generated net cash from operating activities of $382 million and adjusted free cash flow of $226 million •Achieved $89 million in year-over-year productivity improvements and an annual run rate of $500 million of synergy and performance improvements. click Read More below for additional detail
International Paper (IP) intends to stop newsprint production at the Madrid mill in Spain in mid-September, according to Euwid. The sites PM62 will be converted to production of containerboard slated to start in the fourth quarter of this year, as planned. The company is targeting a full ramp-up of the machine for early 2018.
IP acquired the Madrid mill from Holmen in mid-2016 with the aim to make it a mill for recycled corrugated case material. PM 62 has the capacity to produce 330,000 tpy of newsprint.