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International Paper Raises Temple-Inland Savings Forecast

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May 24 (Bloomberg) -- International Paper Co., 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.

To contact the reporter on this story: Christopher Donville in Vancouver at cjdonville@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net

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