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International Paper Announces Restructuring, To Eliminate 3000 Jobs

Press release from the issuing company

STAMFORD, Conn., Jun 25, 2001-- International Paper announced today that it will eliminate 3,000 jobs from its domestic workforce. The majority of the job reductions will occur in the next 12 months through a streamlining of the company's staff support functions, as well as by organizational changes within several of its operating businesses. The reductions represent ten percent of the company's U.S. salaried workforce, excluding its divestiture businesses. This restructuring plan will permit the company to reduce costs, and better align resources with the company's core businesses of paper, packaging and forest products. "These decisions are difficult because they affect hard working and talented people who have dedicated themselves to making IP a great company," said John Dillon, chairman and chief executive officer. "All impacted employees will be treated fairly and with the utmost dignity and respect. "Our capacity management and divestiture efforts, coupled with a rigid financial discipline, are having a favorable impact on our performance and will continue," Dillon said. "But the market and economic conditions we are facing require that we further reduce costs within the company. We are realigning our resources as necessary to improve our financial results, while continuing our commitment to serve our customers." International Paper (http://www.internationalpaper.com) is the world's largest paper and forest products company. Businesses include paper, packaging, and forest products. As one of the largest private forest landowners in the world, the company manages its forests under the principles of the Sustainable Forestry Initiative (SFI(SM)) program, a system that ensures the perpetual planting, growing and harvesting of trees while protecting wildlife, plants, soil, air and water quality. Headquartered in the United States at Stamford, Conn., International Paper has operations in nearly 50 countries, employs more than 113,000 people and exports its products to more than 130 nations.

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