November 1998: IP’s top executive tells Wall Street analysts the company doesn’t plan to sell its coated paper businesses.

May 1999: Jay mill manager Larry Norton tells community leaders that due to its solid work force, things are looking up for the mill and “we plan to be a strong player” as the paper industry evolves.

August 1999: Jay IP mill officials tell employees that company studies imply there will “probably be fewer positions at the mill.” Global competition is blamed.

August 1999: IP managers tell Jay area community leaders that the company’s future looks rosy even as it repositions itself to deal with worldwide economic influences.

May 2000: IP announces it has a $73 billion merger agreement with Champion International, a move that followed by hours European paper giant UPM-Kymmene’s withdrawal of an offer for Champion.

June 2000: IP signs an agreement with state and federal officials pledging to bring in technology that will remove pollutants from the Androscoggin River.

March 2001: IP closes its sawmill in Passadumkeag and a stud mill in Costigan after rejecting employee buyout offers.

April 2001: The company blames a struggling economy and high energy costs for a net loss of $44 million – 9 cents per share – in the first quarter.

June 2001: IP announces it will eliminate 3,000 salaried jobs from its U.S. work force; officials won’t discuss the impact on Maine production facilities.

July 2001: IP announces a $313 million second-quarter loss. It cites a weak economy, strong U.S. dollar and costs related to facility closings and a merger.

August 2001: The U.S. Labor Department says 62,400 papermakers have lost their jobs since mid-1995; 18 paper mills closed from 2000 to 2001, including six owned by IP.

October 2002: IP posts a third-quarter profit of $145 million, reversing prior years’ losses.

November 2002: IP says it will cut 3,000 jobs – about 10 percent of salaried U.S. work force – and restructure several of its businesses. The job loss mirrors cuts made a year earlier.

November 2003: IP cites high energy costs and declining paper prices for a 59 percent slump in its second-quarter earnings. IP stock fell 71 cents, to $37.87.

October 2004: International Paper reports a third-quarter loss of $549 million, and cites the write-down of assets for the sale of a Canadian subsidiary as the reason.

November 2004: In one of the largest land deals ever done in Maine, IP sells 1.1 million acres of forestland to GMO Renewable Resources for $250 million.

March 2005: IP agrees to sell its industrial papers business to Kohlberg & Co. for about $180 million. The deal doesn’t include the Jay mill, however, which IP says it plans to keep open.

April 2005: IP says its first-quarter earnings rose more than 5 percent, crediting higher prices for its North American products. Net income rose to $77 million, or 16 cents per share. Shares close down 45 cents, at $33.86.

July 2005: IP announces it is restructuring and considering selling off certain papermaking operations. Shares rose $1.56 to $32.22.


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