(RTTNews) – International Paper Co. (IP) announced that it has decided to temporarily suspend operations at its Pine Hill mill in Alabama, after the roof of the facility was damaged due to rough weather.
The pulp and paper company is currently assessing required repairs, and expects to resume operations in August. The company is working closely with customers to manage any potential impacts created by natural disasters.
In late June, the company had announced that it would cease operations in certain facilities in Kentucky, Illinois, California and New Jersey by the end of the third quarter, aiming to optimize its network.
The company then said the decision reflects?its ongoing strategy to strengthen its cost position, increase?capacity, and?provide?customers?with?the highest quality sustainable packaging solutions.
In the after-hours activity on the NYSE, the shares traded 0.59 percent higher at $37.40, after closing Thursday’s trading 1.39 percent up.
