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IP to invest $44M to improve Bogalusa mill | Value Investing News

http://www.valueinvestingnews.com/ip-invest-44m-improve-bogalusa-mill

International Paper is investing $44 million to modernize its Bogalusa site, according to state and wire reports.
IP Bogalusa Mill Manager Todd Crutcher said the investment will help retain more than 400 jobs at the facility and save more than four times that number in related jobs in the community.
IP completed a $4.5 billion acquisition of Temple-Inland Inc. in February and became the fifth owner of the Bogalusa mill in its 106-year history. The Bogalusa jobs average more than $69,000 a year, plus benefits.
"International Paper is the largest private employer in Washington Parish and one of the top five economic drivers on the Northshore,” Gov. Bobby Jindal said in a release. “Yet this community has been concerned for many years about the facility's future. That's why our state's Business Expansion and Retention Group began regular visits with Temple-Inland staff in early 2009 and continued to work with International Paper after it acquired Temple Inland's assets through a merger. The bottom line is that we made it a top priority to retain this facility and protect the thousands of jobs in this community. Today's announcement shows our strong commitment to retaining and growing existing Louisiana businesses. This upgrade will make the mill more competitive and help secure the long-term viability of this facility in Bogalusa."
IP, headquartered in Memphis, Tenn., is a global leader in the paper and packaging industry and operates 10 facilities in this state, including locations in Shreveport, Mansfield, Minden, Campti, Springhill, Lafayette and Alexandria.
"We are extremely pleased to have the State of Louisiana partner with us in modernizing the Bogalusa mill. This combined effort will help our mill become even more competitive — which is positive for our employees, Bogalusa and the surrounding communities, and International Paper," Crutcher said.
The state's Business Expansion and Retention Group started talks with Temple-Inland staff in 2009 and worked with IP after it acquired Temple-Inland assets. The state offered IP a $2.2 million Modernization Tax Credit to assist with plant upgrades. The modernization should be completed in mid-2013.