International Paper to Cut 1,000 to 1,500 Jobs

Source: Press release issued by the company, unless otherwise noted. December 12, 2008 - On December 12, 2008, as part of its previously announced initiatives to reduce its cost structure by $150 to $200 million by the end of 2009, the Company informed its employees that it has committed to a plan to reduce its global salaried workforce by approximately 1,000 to 1,500 employees, to be completed primarily by the end of 2009. The reduction in workforce will occur through retirements, normal attrition and the elimination of certain salaried positions.