We intend to keep production in line with demand, and are taking aggressive steps to respond to weakened market conditions, ... We expected a seasonal slowdown in the quarter, but rising fuel costs and concerns about the economic outlook are impacting our business across the board.
Expanding our coated board production in China through this powerful partnership with Sun Paper is core to our strategy for serving our global packaging customer base. As our key customers expand globally into China and other emerging markets, we will be there to help them grow.
John brings experience and background in global capital markets that will add value to our board. His experience with many companies in a broad range of industries as an investment banking advisor over a 20-year career is a perspective we want serving on our board.
As we consider the sale of our U.S. land holding, we saw this as an important opportunity to protect in perpetuity many of our most ecologically significant lands.
In light of the company's plan to become more focused and streamline our operations, we believe the timing is right to relocate our global headquarters to Memphis, because of the improved efficiencies that will result from having all of the company's leadership in one place.
This is an important first step in International Paper's transformation plan to improve returns, strengthen the balance sheet and return cash to shareowners.
I am very positive about how I see 2006 unfolding.
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