International Paper has announced extensive restructuring efforts that will see it sell off nearly 40% of its opera…
International Paper has announced extensive restructuring efforts that will see it sell off nearly 40% of its operating profits.
The company has confirmed that it’s looking at selling or spinning off its stake in Carter Holt Harvey, its beverage packaging business, its kraft paper business, Arizona chemical, its wood products business and either all or part of its 6.8 million acres of U.S. forestlands.
In addition to the sales, IP has said it is looking into closing or converting some of its mills, and is contemplating moving its headquarters to Memphis, TN, a move that would save $400 million per year.
The company estimates that after tax proceeds of its various sales could total between $8-$10 billion, 40-50% of which it plans to use to pay down its debt.
Once the restructuring wraps up, IP plans to focus primarily on uncoated paper, fluff pulp and packaging products.
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