Memphis, Tennessee, USA, 24 March 2009 -- PRNewswire/ -- International Paper Company (NYSE: IP) announced today that it is updating information related to alternative fuel credits previously disclosed in the company's 2008 Form 10-K.
The U.S. Internal Revenue Code allows an excise tax credit for alternative fuel mixtures produced by a taxpayer for sale, or for use as a fuel in a taxpayer's trade or business. In January 2009, the company was notified that its registration as an alternative fuel mixer was approved. On 20 March 2009, the company received its first check from the Internal Revenue Service in the amount of USD 71.6 million related to an alternative fuel mixture produced and used at 15 of its mills for the period of 14 November to 14 December 2008. The company will continue to submit refund claims based on actual mill production and use of an alternative fuel mixture and will provide investors with information relating to future credits during its regular quarterly earnings calls.
International Paper (NYSE: IP) is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia, and North Africa. Its businesses include uncoated papers and industrial and consumer packaging, complemented by xpedx, the company's North American distribution company. Headquartered in Memphis, Tennessee, the company employs more than 61,500 people in more than 20 countries and serves customers worldwide. Net sales in 2008 were approximately USD 25 billion. For more information about International Paper, its products, and stewardship efforts, visit www.internationalpaper.com