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Investing.com -- International Paper (NYSE:IP) plans to close five packaging sites in the United Kingdom (TADAWUL:4280) and cut up to 300 jobs by the end of the year, the company said on Friday, following its completed merger with DS Smith.
The pulp and paper company said the closures are part of a series of proposals aimed at improving operational efficiency and addressing changing customer needs in difficult market conditions.
In addition to the closures, International Paper proposed relocating one site, reducing operations from 24-7 to 24-5 at another location, and making small headcount reductions at two further sites.
“Although the proposals result from a strategic review by the UK business,” International Paper said in a statement. “They constitute an update to the intentions with respect to DS Smith set out in the Offer Documentation”
International Paper completed its all-share combination with DS Smith on Jan. 31, 2025. The deal was executed through a scheme of arrangement under Part 26 of the Companies Act 2006.