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4-Traders Homepage  >  Equities  >  Nyse  >  International Paper Company    IP

INTERNATIONAL PAPER COMPANY (IP)
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Delayed Quote. Delayed  - 07/19 10:03:11 pm
53.31 USD   +0.49%
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International Paper unloads $1.3 billion in pension liabilities

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10/02/2017 | 01:43pm CEST

(Reuters) - International Paper Co (>> International Paper Co), a fiber-based packaging, pulp and paper producer, said on Monday it would transfer $1.3 billion in pension obligations to No. 2 U.S. life insurer Prudential Financial (>> Prudential Financial Inc).

(Reuters) - International Paper Co (>> International Paper Co), a fiber-based packaging, pulp and paper producer, said on Monday it would transfer $1.3 billion in pension obligations to No. 2 U.S. life insurer Prudential Financial (>> Prudential Financial Inc).

International Paper expects to take a pretax non-cash pension settlement charge of about $400 million in the fourth quarter. The deal will close Oct. 3.

Prudential will assume responsibility for pension benefits of around 45,000 former International Paper employees at the end of 2017, International Paper said. http://reut.rs/2xKJflj

U.S. insurers have been buying corporate pension plans at a record clip as rising interest rates and all-time high stock-market values give companies an opportunity to offload them.

Calculating they can make more money from selling companies an annuity to cover the cost of the pension plans, and then invest the proceeds in bonds and other securities, insurers are competing to persuade corporate America to sell them their pensions.

Pension transfers of $13.7 billion were finalized last year, up 1 percent from 2015, according to LIMRA, an industry trade group. The figure is the second highest annual total ever recorded, LIMRA said.

The average corporate pension fund was 83 percent funded in May, according to Mercer Investment Consulting.

In June, consulting and outsourcing services provider Accenture Plc (>> Accenture) transferred $1.6 billion in pension obligations to insurers American International Group Inc (>> American International Group) and MassMutual.

(Reporting By Aparajita Saxena in Bengaluru; Editing by Savio D'Souza, Bernard Orr)

Stocks mentioned in the article
ChangeLast1st jan.
ACCENTURE 0.31% 166.89 Delayed Quote.9.01%
AMERICAN INTERNATIONAL GROUP -2.32% 53.85 Delayed Quote.-9.62%
INTERNATIONAL PAPER COMPANY 0.49% 53.31 Delayed Quote.-8.44%
PRUDENTIAL FINANCIAL -1.84% 95.7 Delayed Quote.-16.77%
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Financials ($)
Sales 2018 23 269 M
EBIT 2018 2 903 M
Net income 2018 2 256 M
Debt 2018 9 429 M
Yield 2018 3,62%
P/E ratio 2018 10,08
P/E ratio 2019 9,74
EV / Sales 2018 1,35x
EV / Sales 2019 1,27x
Capitalization 21 968 M
Chart INTERNATIONAL PAPER COMPAN
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International Paper Compan Technical Analysis Chart | IP | US4601461035 | 4-Traders
Technical analysis trends INTERNATIONAL PAPER COMPAN
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 64,7 $
Spread / Average Target 21%
EPS Revisions
Managers
NameTitle
Mark S. Sutton Chairman & Chief Executive Officer
Timothy S. Nicholls Chief Financial Officer & Senior Vice President
Robert W. Wenker Chief Information Officer & Vice President
David J. Bronczek Independent Director
J. Steven Whisler Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
INTERNATIONAL PAPER COMPANY-8.44%21 968
WESTROCK-8.57%14 782
MONDI7.30%13 315
MONDI LIMITED14.25%13 315
PCA - PACKAGING CORPORATION OF AMERICA-4.42%10 871
SMURFIT KAPPA GROUP PLC23.50%9 735