International Paper Co., the world's largest maker of cardboard boxes and office paper, slashed its quarterly dividend by 90 percent to preserve cash, joining other high-profile U. S. companies that have done the same, due to recession.

Last week, General Electric cut its dividend 68 percent, and JPMorgan Chase & Co reduced its dividend by 87 percent.

A company executive informed that the cut to 2.5 cents a share from 25 cents will save about $100 million each quarter. The dividend is payable June 15 to shareholders of record as of May 18.

International Paper, in a separate statement, revealed its plans to sell about 143,000 acres in the Southeast, including land in two local developments - the 11,000-acre The Highlands of Spanish Fort and the 5,600-acre Roan's Creek in Loxley.

The transaction is valued at about $275 million, and expected to close in mid-June. The proceeds from the sale will be used to pay down debt and preserve its current credit rating.

As of Jan. 29, International Paper had $11.7 billion of debt after its $6 billion acquisition of Weyerhaeuser Co.'s containerboard, packaging and recycling business last year.

Shares of International Paper fell 3.32 percent to $4.95 in early trade on the New York Stock Exchange.

It may be noted that, the scrip has plummeted more than 84% in one year and is trading near its 52-week-low.