MEMPHIS, Tenn.,
Feb. 13,
2025 /PRNewswire/ -- International Paper (NYSE: IP;
LSE: IPC) today announced the permanent closure of the company's
Red River containerboard mill in
Campti, La., recycling plant in
Phoenix, Az., box plant in
Hazleton, Pa., and sheet feeder
facility in St. Louis, Mo. All
facilities will cease operations by the end of April 2025. The Red River containerboard
mill closure is expected to reduce the company's containerboard
capacity by approximately 800,000 tons on an annualized
basis.
In total, 495 hourly employees and 179 salaried employees will
be affected. The company will work to minimize the impact on
employees by using attrition, retirements and current vacancies at
other International Paper locations. Team members at these
locations will receive outplacement assistance, access to mental
health support resources and where possible, severance
benefits.
"The decision to close any facility is difficult because of the
impact on our team members, their families and the surrounding
communities," said Tom Hamic,
executive vice president and president, North American Packaging
Solutions, International Paper. "We greatly appreciate the
contributions from our departing team members and will do all we
can to support them."
International Paper is undergoing a transformational journey to
become a stronger sustainable packaging solutions company. A
critical step in this journey is to streamline IP's footprint to
focus investments on facilities that will best serve customers and
accelerate strategic initiatives to improve quality, reliability
and service delivery.
About International Paper
International Paper (NYSE:
IP; LSE: IPC) is the global leader in sustainable packaging
solutions. With company headquarters in Memphis, Tennessee, USA, and EMEA
(Europe, Middle East and Africa) headquarters in London, UK, we employ more than 65,000 team
members and serve customers around the world with operations in
more than 30 countries. Together with our customers, we make the
world safer and more productive, one sustainable packaging solution
at a time. Net sales for 2024 were $18.6
billion. In 2025, International Paper acquired DS Smith
creating an industry leader focused on the attractive and growing
North American and EMEA regions. Additional information can be
found by visiting www.internationalpaper.com.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended. These
forward-looking statements reflect management's current views and
are subject to risks and uncertainties that could cause actual
results and the timing of events to differ materially from those
expressed or implied in these forward-looking statements. These
risks and uncertainties include the risks that we will be unable to
realize the anticipated benefits of our closure of the Campti, La., containerboard mill and other
facilities. These forward-looking statements are also subject to
the risks and uncertainties contained in the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the U.S. Securities
and Exchange Commission ("SEC") on February
16, 2024, and subsequent reports filed with the SEC. In
addition, other risks and uncertainties not presently known to the
Company or that we currently believe to be immaterial could affect
the accuracy of any forward-looking statements. The Company
undertakes no obligation to publicly update any forward-looking
statements contained in this press release, whether as a result of
new information, future events or changes in expectations.
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SOURCE International Paper
