International Paper to Sharpen Focus on Industrial Packaging, Announces Spin-off of Printing Papers
Press release from the issuing company
IP to accelerate profitability in corrugated packaging and absorbent cellulose fibers, Expects $350-$400 million in annual incremental earnings by the end of 2023
Memphis, Tenn. – International Paper announced a plan to pursue a spin-off of the Company's Printing Papers segment into a standalone, publicly traded company ("SpinCo"). The transaction will result in two streamlined, leading companies well positioned for long-term success. Upon completion of the transaction, International Paper and SpinCo will each be well positioned to create long-term value. The Company expects the separation to be tax-free for the Company's shareowners for U.S. federal income tax purposes and plans to complete the spin-off late in the third quarter of 2021.
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