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MEMPHIS - International Paper Company (NYSE:IP; LSE:IPC) announced Thursday it will permanently close containerboard mills in Riceboro and Savannah, Georgia, affecting approximately 980 jobs.
The closures will be implemented in stages with operations at both facilities expected to cease by September 30, 2025, according to a Form 8-K filed with the U.S. Securities and Exchange Commission. The Riceboro mill closure will eliminate about 300 positions, while the Savannah facility shutdown will impact approximately 680 employees.
The company stated it will provide severance packages and outplacement assistance to eligible affected employees during the transition.
These mill closures are part of International Paper’s "80/20 strategic approach" announced in July 2024, which aims to focus on areas that drive performance while reducing complexity and costs.
The announcement represents an update to International Paper’s previously stated intentions following its all-share combination with DS Smith plc, which was completed on January 31, 2025.
International Paper, headquartered in Memphis with EMEA headquarters in London, employs more than 65,000 people across operations in over 30 countries. The company reported net sales of $18.6 billion for 2024.
The information was disclosed in a company press release statement issued Thursday.
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