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

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International Paper unloads $1.3 billion in pension liabilities

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10/02/2017 | 01:43pm CEST

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 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)

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Financials ($)
Sales 2017 23 159 M
EBIT 2017 2 404 M
Net income 2017 1 246 M
Debt 2017 10 271 M
Yield 2017 3,21%
P/E ratio 2017 20,15
P/E ratio 2018 13,25
EV / Sales 2017 1,47x
EV / Sales 2018 1,39x
Capitalization 23 788 M
Chart INTERNATIONAL PAPER CO
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International Paper Co Technical Analysis Chart | IP | US4601461035 | 4-Traders
Technical analysis trends INTERNATIONAL PAPER CO
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 61,5 $
Spread / Average Target 6,8%
EPS Revisions
Managers
NameTitle
Mark S. Sutton Chairman & Chief Executive Officer
Glenn R. Landau Chief Financial Officer & Senior Vice President
Tommy Steven Joseph SVP-Manufacturing, Technology & Global Sourcing
William G. Walter Independent Director
John Leroy Townsend Independent Director
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