Pensacola, Florida, USA 03 April 2017 -- /PRNewswire/ -- International Paper's Pensacola Mill in Cantonment, Fla., has successfully resumed full operations following a digester incident that occurred on January 22, 2017. The company, with the assistance of independent third-party experts, has implemented enhanced procedures and protections across the enterprise to prevent the recurrence of such an incident.
"We are pleased to report that full operations at our Pensacola site have resumed," said Tim Nicholls, senior vice president, International Paper. "Our primary focus remains on ensuring the health and safety of our employees, contractors and community members - along with providing our customers the excellent service they have come to expect," added Nicholls.
Including capital expenses, the company estimates total costs related to the incident will be between $80 and $120 million. The majority of these costs are expected to be recovered through insurance coverage.
Certain statements in this press release may be considered forward-looking statements. These statements reflect management's current views and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements, such as changes in our estimates for the costs and insurance coverage associated with the incident at our Pensacola, Florida mill. These and other factors that could cause or contribute to actual results differing materially from such forward-looking statements are discussed in greater detail in the Company's Securities and Exchange Commission filings. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
About International Paper
International Paper (NYSE: IP) is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa, Asia and Russia. We produce packaging products that protect and promote goods, and enable world-wide commerce; pulp for diapers, tissue and other personal hygiene products that promote health and wellness; papers that facilitate education and communication; and paper bags, cups and food containers that provide convenience and portability. We are headquartered in Memphis, Tenn., and employ approximately 55,000 colleagues located in more than 24 countries. Net sales for 2016 were $21 billion. For more information about International Paper, our products and global citizenship efforts, please visit internationalpaper.com.
SOURCE International Paper