For Donald P Devlin, Chairman and Managing Director of International Paper Andhra Pradesh Paper Mills Limited (IPAPPM), it is a matter of mixed emotions as he hands over reigns to West Coast Paper Mills Limited.

In a message to the shareholders ahead of the company’s 55th annual general meeting on August 1, the CMD stated “I have mixed emotions….My mixed emotions come from the news that International Paper Co announced the sale of controlling interest in IP APPM to West Coast Paper Mills Limited. This may be the last annual report as IPAPPM. But I am confident that this business is well positioned to succeed in future with West Coast.” The US-based paper major which had acquired controlling stake from the Bangurs through equity purchase, have recently announced a deal with West Coast by selling their controlling stake.

“We have delivered an inspired performance for FY 2019. Our stock price appreciation of about 40 per cent over the year, reflects record financial results and strong balance sheet that positions the company well, in future,” he said.

The company continues to move in the right direction to create more value for customers. And customers depend on the company to enable their own business success. They need paper to print, to publish, to convert and to sell. “During FY 2019, we improved On time in full delivery rate to over 93 per cent, top tier in the India paper industry. With new and innovative products and service solutions, we can ensure that we provide the best possible value to our customers and further solidify our partnerships,” he said.

“Our forestry team has further enhanced our strategy for sustaining forests enabling long term access to cost competitive fibre. Sustainable low cost fibre is critical to our strategy and the health of the paper industry. We are partnering with R&D scientists, private growers and the farming community to develop clones that increase yield thus creating value for IP APPM and the extensive farming community linked to our business,” he explained.

IPAPPM is a group company of International Paper Company, US, a world leader in the paper and pulp industry. It is an integrated paper manufacturer with a production capacity of 2,41,000 tonnes per annum across two manufacturing facilities at Rajahmundry and Kadiam in Andhra Pradesh.

During 2018-19, the company recorded highest ever sales volume of 238,729 lakh tonnes, up 3.4 per cent over previous year with 16 per cent revenue from exports. The company achieved a net profit of ₹200 crore as against ₹83 crore in previous year and a turnover of ₹1,441.92 crore (₹1,285.09 crore).