International Paper Announces Strategic Actions
Retrieved on:
Wednesday, October 18, 2023
MEMPHIS, Tenn., Oct. 18, 2023 /PRNewswire/ -- International Paper (NYSE: IP) today announced a series of actions to further strengthen and optimize its manufacturing system to meet customers' needs. The company will permanently close its containerboard mill in Orange, Texas, and will permanently cease production on two of its pulp machines - the #20 machine in Riegelwood, N.C., and the #4 machine in Pensacola, Fla.
Key Points:
- MEMPHIS, Tenn., Oct. 18, 2023 /PRNewswire/ -- International Paper (NYSE: IP) today announced a series of actions to further strengthen and optimize its manufacturing system to meet customers' needs.
- Wherever possible, the company's goal is to minimize the impact on employees by using current vacancies, retirements, normal attrition and other roles at International Paper.
- The actions in Pensacola and Riegelwood will reduce IP's pulp capacity by approximately 500,000 tons (300,000 tons fluff pulp and 200,000 tons southern bleached softwood).
- "We believe strongly in the attractive, long-term fundamentals of our businesses and these actions further strengthen our competitive platform.