International Paper to Spin Off Global Printing Paper Business as Independent Public Company

Published:2021-08-24 · Industry News

International Paper (IP)'s plan to spin off and list its global paper business has made new progress, with the spun-off company named "Sylvamo Corporation" and its headquarters planned for Memphis, Tennessee, USA.

The spin-off plan was first announced in December 2020, and it is planned to separate its global printing papers business into an independent publicly listed company by the end of 2021, so as to focus on the industrial packaging and absorbent cellulose fiber businesses.

In 2020, International Paper's printing papers business accounted for 15% of overall sales, with revenue slightly above USD 3 billion, of which 32% came from Europe, the Middle East and Africa. "Due to the unprecedented decline in demand caused by the COVID-19 pandemic", sales in this segment fell by nearly 30%, and operating profit dropped from USD 529 million to USD 228 million.

It is reported that Sylvamo comes from the Latin words silva (forest) and amo (love), intended to indicate the close relationship between the company's future business and forests, and also to express its determination for sustainable development through the meaning of "love".

At present, Sylvamo is still a subsidiary of International Paper. Its nine-member board of directors has also been announced, and Jean-Michel Ribiéras, its Senior Vice President of Global Papers, will serve as Chairman and CEO of the company. Sylvamo will employ approximately 7,000 employees in Europe, Latin America and North America.

Sylvamo's paper product lines include JetStar for high-speed inkjet printing, Pro-Design for digital printing and the Preprint series for offset printing.

Earlier this month, International Paper completed the sale of its Kwidzyn folding carton board mill in Poland. The company currently operates pulp and paper mills in Saillat, France and Svetogorsk, Russia, producing office paper and printing paper.

——This article is reprinted from China Packaging Network (pack.cn). Original link: http://news.pack.cn/show-378060.html

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