IP to Invest $90 Million in Pensacola Mill

International Paper Co., Memphis, Tenn., USA, reports that it will invest $90 million during the next five years to increase energy efficiency and enhance its Cantonment containerboard mill near Pensacola, Fla. The operation employs more than 400 people and is part of the company's industrial packaging group. The mill has been in the Pensacola area since 1941 and was acquired by IP in 2000.

 

In addition to improving energy efficiency, the $90 million investment will also support and enhance the work environment and strengthen the mill’s overall competitive position. IP’s Pemsacola Mill produces lightweight containerboard and specialty fluff pulp.

 

"Northwest Florida's business-friendly environment and initiatives continue to attract strong, innovative businesses," Florida Senate President Don Gaetz said. Just last year, International Paper's Pensacola Mill had a local economic impact of nearly $330 million. I am confident this multi-year investment will continue to help our communities thrive and our region's economy to grow."

IP's commitment to Escambia County will also be supported by approximately $5 million in grants and infrastructure improvements.