International Paper’s profits have more than trebled in its packaging business after a tax rebate and its acquisition of Weyerhauser.
In the company’s two packaging divisions, overall operating profit hit $369m, compared to $101m in the same period last year, thanks to a $285m boost from the pre-tax credit.
The US firm received a $482 pre-tax credit for using alternative energy sources, a result of US legislation passed in 2007.The acquisition of pulp producing firm Weyerhauser pushed its industrial packaging operation sales to 54% touching $2.27bn compared to $1.48bn in the second quarter of 2008.