International Paper history

By 1900, the mills provided 60 percent of United States newsprint.

In 1903, in order to enhance its research and development efforts, the company opened the Central Test Bureau in Glens Falls, New York.

The mills at Gatineau, Dalhousie, and Three Rivers (seen above) were operated by Canadian International Paper (CIP), a wholly owned subsidiary formed in 1925.

In 1928 International Paper & Power Company was organized in Massachusetts to acquire International Paper.

In December 1940 it acquired the Agor Manufacturing Company, which included three subsidiaries and four container plants in Illinois, Kansas, Massachusetts, and New Jersey.

In June 1941 IP merged the Southern Kraft Corporation with its main business.

IP acquired the capital stock of a specialty coated paper manufacturer, A.M. Collins Manufacturing Company, of Philadelphia, in 1955.

When Edward Hinman took over in 1966, the company's greatest asset was its large share of real estate, including eight million acres that it owned and 15.5 million that it leased.

In 1973 J. Stanford Smith joined IP as vice-chairman.

To raise money for Gee's plan IP sold its remaining interest in General Crude Oil Company for $763 million and used the profits to buy Bodcaw Company of Dallas in 1979.

These included a 1984 fire that destroyed its Nacogdoches, Texas, plywood-manufacturing plant, causing $32.5 million in damages.

Georges was named chairman in 1985, succeeding Gee.

Their work led to a major acquisition in 1986: Hammermill Paper Company.

In 1987, newsprint prices began a steady decline.

While competitors Boise Cascade Corp. and Champion International Corp. posted huge losses, IP continued to report profits, albeit smaller than those of 1988-90.

In 1990 IP bought the French operations of Georgia-Pacific Corporation.

In 1994 ResourceNet International picked up two paper-distributing companies in Mexico, while in the area of liquid packaging, a new plant was built in Brazil and a joint venture was formed in China to build and operate a plant near Shanghai.

In 1996, it purchased Federal Paper Board.

Restructuring and other charges led to a net loss of $151 million for 1997.

Two other similar suits--one also involving siding, the other a roofing material--against Masonite were settled in similar fashion in January 1999.

In November 2000 IP sold its interest in Bush Boake Allen for $640 million.

2001: Divestments include Masonite and Zanders Feinpapiere.