International Paper Company (NYSE:IP) Files An 8-K Regulation FD Disclosure
Item 7.01 of this Report, including the exhibit, is being furnished to Item 7.01 of Form 8-K and General Instruction B.2 thereunder. Such information shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
SECTION 7. REGULATION FD.
Item 7.01. Regulation FD Disclosure.
On May 29, 2019, International Paper Company (the Company) issued a press release announcing the transaction agreement described below under Item 8.01. Attached as Exhibit 99.1 is a copy of the press release.
SECTION 8. OTHER EVENTS.
Item 8.01. Other Events.
On May 29, 2019, the Company entered into an agreement with West Coast Paper Mills Limited to sell its controlling interest in International Paper APPM Limited (APPM), an India-based paper business, at a price per share of 275 Indian rupees. The Company owns approximately 30 million (or 75 percent) of the outstanding shares of APPM. As a result of signing this agreement, the Company expects to recognize an aggregate non-cash charge to second quarter 2019 earnings of approximately $140 million before and after tax.
SECTION 9. FINANCIAL STATEMENTS AND EXHIBITS.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| 99.1 | Press Release of International Paper Company dated May 29, 2019. |
3