International Paper announced strategic changes including selling its Global Cellulose Fibers business to American Industrial Partners for $1.5 billion, investing $250 million in the Riverdale Mill, and closing multiple facilities to enhance its packaging solutions business in North America.
Sale of Global Cellulose Fibers Business
International Paper reached a definitive agreement to sell its GCF business for $1.5 billion to American Industrial Partners.
Investment in Riverdale Mill
The company is investing $250 million to convert the #16 machine at the Riverdale mill in Selma, Ala. to produce containerboard.
Closure of Facilities
International Paper is closing the Savannah, Ga. containerboard mill, the Savannah, Ga. packaging facility, the Riceboro, Ga. containerboard mill, and Riceboro, Ga. timber and lumber mills, impacting approximately 1,100 positions.
- The strategic changes aim to achieve an advantaged cost position and deliver a superior customer experience, aligning with the company's ongoing transformation journey.
- The sale of the Global Cellulose Fibers business and investments in the Riverdale Mill signal a commitment to focus on sustainable packaging solutions and strengthening the company's position in the market.
International Paper's strategic changes reflect a proactive approach to enhancing its operations and focusing on sustainable packaging solutions, despite the impact on some facilities and employees.