International Paper Co. (IP), the world’s largest maker of corrugated packaging, raised its forecast for cost savings from the company’s $4.3 billion takeover of Temple- Inland Inc.
Savings will rise to an annual rate of $400 million within two years of the acquisition, Mark Sutton, International Paper’s senior vice-president of industrial packaging, told analysts today in a presentation in New York.
The company’s previous forecast was for savings of more than $300 million a year. The acquisition was completed in February.
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