International Paper moving its headquarters to Memphis

The world's largest paper company is moving its global headquarters to Memphis. International Paper made the announcement this morning at its current headquarters in Stamford, Connecticut. The company expects to complete the relocation a year from now. The decision came at the close of a 30-day evaluation -- part of a far-reaching restructuring plan to boost company profits. I.P. already has its operational base in Memphis, employing about three-thousand people. The Memphis and Shelby County Industrial Development Board voted last week to give the company a $15 million dollar tax break to move its headquarters. The move brings Memphis nearly a hundred executives who have a median yearly income of more than $128,000. The global headquarters employs about 150 people.