Solenis Acquires Aqua ChemPacs, Expanding Offering of Cleaning and Disinfection Solutions

International Paper announced a company rebrand to align with its strategic vision to Build a Better IP through sustainable, profitable growth and accelerated value creation. As the company celebrates its 125th anniversary in 2023, the rebrand highlights the resilience of International Paper, the sustainability of its mission and its commitment to creating what's next. The new branding is rooted in the company's legacy of safety, ethics and stewardship. It embodies a renewed sense of purpose, energy, and optimism, and marks another major milestone in the evolution of International Paper.

Net revenues in the first quarter of 2023 were $1,431 million compared to $1,495 million in the first quarter of 2022. The decrease was due to lower sales volume and the impact from dispositions, notably the disposition of Beverage Merchandising Asia on August 2, 2022. Lower sales volume was largely due to our focus on value over volume in the Foodservice and Food Merchandising segments and the market softening amid inflationary pressures in the Beverage Merchandising and Food Merchandising segments. These decreases were partially offset by favorable pricing, due to pricing actions in the Food Merchandising and Beverage Merchandising segments and the contractual pass-through of higher material costs across all segments. Net loss was $133 million in the first quarter of 2023 compared to $43 million of net income in the first quarter of 2022. The decrease was mostly due to $187 million of charges associated with the Beverage Merchandising Restructuring and a $27 million decrease due to the gain on the sale of Naturepak Beverage Packaging Co. Ltd in the prior year period. These decreases were partially offset by a $55 million decrease in tax expense, mainly attributable to decreased profitability.

Total Containerboard production in May increased one percent compared to May 2019. It was up six percent when compared to the same five months of 2019. May 2020 production of containerboard for export increased 42 percent compared to the same month last year; it was up 41 percent year-to-date. The containerboard operating rate was 90.3 percent, essentially flat (-0.2 pts.) from May 2019 and up 4.4 points year-to-date. Mill inventories of containerboard at the end of May increased 39,000 short tons from the previous month and were up 77,000 short tons compared to May 2019.