VALLIANT, Okla. (AP) -- International Paper Co. announced Tuesday it will shut a paper machine producing about 430,000 tons of containerboard annually for corrugated packaging.
"The decision to shut down this machine will enable us to match our production to our customer needs and limit our exposure to high fiber and other input costs in the area," said Carol Roberts, senior vice president of IP's Industrial Packaging business.
The shutdown at International Paper's Valliant mill will result in about 60 layoffs, the company said. Severance and assistance will be provided to employees affected, it said.
Shares of International Paper traded at $29.31, up 6 cents in early morning trading.