HIGHLIGHTS *First quarter net earnings (loss) attributable to International Paper of $360 million ($0.95 per diluted share) compared with $107 million ($0.28 per diluted share) in the fourth quarter of 2021 and $349 million ($0.88 per diluted share) in the first quarter of 2021. First quarter adjusted operating earnings* (non-GAAP) of $288 million ($0.76 per diluted share) compared with $301 million ($0.78 per diluted share) in the fourth quarter of 2021 and $198 million ($0.50 per diluted share) in the first quarter of 2021. *$40 million of earnings achieved from Building a Better IP initiatives *14% year-over-year revenue growth *First quarter cash provided by operations of $588 million *Share repurchases of $406 million *Actively pursuing strategic options, including a sale of equity investment in Ilim Group
Smurfit Kappa, one of the world’s leading paper-based packaging firms, continues its investment in sustainable technology in Mexico, demonstrating its long-term commitment to the country.
An advanced new paper machine (PM6) began operating at the Los Reyes Paper Mill site in the State of Mexico in January. This new endeavour is one of Smurfit Kappa’s largest investments in the country in recent years and an important milestone for the company in the Americas.
The new high performance PM6, which produces recycled containerboard, strengthens Smurfit Kappa’s offering for the agricultural and electrical appliance sectors.
Operating in Mexico for more than 40 years, Smurfit Kappa has also recently invested in a modernisation project for converting plants which, along with the new PM6, significantly increases customer capabilities.
Speaking at the inauguration event, Juan Guillermo Castaneda, CEO of Smurfit Kappa, the Americas, said: “As the leading supplier of paper-based packaging in the Americas and the largest group with a pan-regional presence, we are pleased to continue bringing the latest industry innovations to Mexico.
“Mexico is a market with strong growth potential which is key to our operations in the region. We continue to invest in this country to boost our competitiveness and offer our customers the very best in sustainable packaging.”
Jorge Alberto Angel, CEO of Smurfit Kappa Mexico, added: “Smurfit Kappa has long been committed to best practices in responsibly supplying paper for the sustainable manufacture of board and packaging. We are proud to start operating yet another state-of-the-art paper machine in Mexico, further contributing to sustainable development and growth in the country.”
The Los Reyes Paper Mill is one of the company’s three containerboard mills in Mexico, where it also operates 15 converting plants.