International Paper Company (IP) is confronted with significant industry shift leading to potential layoffs and multiple mill closures including those in Georgetown, S.C., and Rockford amid a strategic review of the global cellulose fibers business. The company is also exploring the acquisition of DS Smith, with a recent shareholder vote showing approval for the merger. Regulatory hurdles seem limited following Mondi’s exit from the bidding war. IP is also relocating its chief commercial officer to a new leadership role. The company's Q3 sales met estimates and its Q2 2024 results exhibited revenue growth, yet it projects to slash hundreds of jobs in multiple states. International Paper's CEO delineated a recovery plan in response to unsatisfactory financial results. The company's bid to take over DS Smith hit a snag when Suzano professed interest, however, Suzano later terminated these discussions. The closure of Georgetown mill would affect the region's water system and potentially disrupt the local economy. Meanwhile, IP continues its sustainability efforts, raising its commitment to nature conservation. The corporation issued multiple quarterly dividends during this period and its commitment to military recruitment stays strong.
International Paper IP News Analytics from Wed, 27 Mar 2024 07:00:00 GMT to Thu, 26 Dec 2024 11:11:50 GMT -
Rating 3
- Innovation 1
- Information 6
- Rumor -2
