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.
History of The Day
50 fighters of the U. S. Army Air Forces‘ 14th Air Force based at Liuchow Airfield, China, attack the waterfront of Hong Kong. - 16th October 1944