Dec 15, 2008. /Lesprom.com/. International Paper Co. will cut 1,000 to 1,500 jobs worldwide by the end of 2009, MarketWatch reported. International Paper has just over 50,000 employees worldwide. The cuts come as the company seeks to achieve $400 million in synergies from the acquisition of Weyerhaeuser Co.'s industrial packaging business. The job cuts are part of the Memphis, Tenn.-based company's $150 to $200 million cost reduction initiative, which comes in addition to the $400 million in Weyerhaeuser acquisition synergies. The reduction in workforce will occur through retirements, normal attrition and the elimination of certain salaried positions. The company estimated total cash severance costs from the reductions at $60 million to $120 million. Total costs for the enhanced retirement benefit are estimated to be $75 million to $115 million to be paid from pension plan assets.