International Paper Co.: The Purchase, N.Y., paper...
From Times Staff and Wire Reports
International Paper Co.: The Purchase, N.Y., paper manufacturer said fiscal 1989 net income totaled a record $864 million, up 15% from a year ago. Revenue advanced 19% to $11.4 billion. Fourth-quarter net earnings slipped 4% to $197 million, while revenue climbed 16% to $2.9 billion. The drop in fourth-quarter earnings was blamed on adverse weather conditions in December and lower profitability in the uncoated white papers business. The firm said, “Strong performances by most of our businesses through much of the year, combined with the positive impact of acquisitions, produced record sales and earnings” for the year.
