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Paper manufacturer hit by weaker demand

03-Nov-2008

Packaging company, International Paper, claims weakening demand in recent weeks impacted negatively on its third quarter earnings.

The largest North American producer of corrugated packaging products said that the last two weeks of the third quarter and the last three weeks of October were dramatically weaker than the prior nine months for the company, reports the Guardian.

"Since mid-September, demand in our core businesses has weakened and as a result, we will continue to manage our capacity to meet our customers' needs, and continue our cost reduction initiatives," said International Paper CEO John Faraci.

The company said that the events of recent weeks have overshadowed its better-than-expected third quarter profit and send its shares down 9.5 per cent.

The packaging manufacturer warned that it expects fourth quarter paper and packaging shipment volumes in North America to decline from third quarter levels.

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