International Paper’s Printing Paper Spin-Off Moves Ahead; Sylvamo to Be Based in Memphis
International Paper (IP) has reached a new milestone in the process of spinning off its global printing paper business and listing it separately. The soon-to-be-separated company will be named Sylvamo Corporation, with plans to establish its headquarters in Memphis, Tennessee, USA.
The spin-off was first made public in December 2020. Under the plan, IP’s worldwide printing papers operations are to be carved out into an independent publicly traded company by the end of 2021, enabling the parent group to sharpen its focus on industrial packaging and absorbent cellulose fibers.
In 2020, printing papers represented 15% of International Paper’s total sales, generating revenue just above USD 3 billion. Europe, the Middle East and Africa contributed 32% of that figure. The segment saw sales fall by almost 30% due to the “unprecedented decline in demand caused by the COVID-19 pandemic,” while operating profit decreased from USD 529 million to USD 228 million.
Sylvamo reportedly derives from the Latin terms silva (forest) and amo (love). The name is intended to reflect the future business’s close ties to forests and, through the idea of “love,” signal a commitment to sustainable development.
Sylvamo remains a subsidiary of International Paper at present. Its nine-person board has been announced, and Jean-Michel Ribiéras, IP’s Senior Vice President of Global Papers, will take the roles of Chairman and CEO. The company is expected to employ roughly 7,000 people across Europe, Latin America and North America.
The Sylvamo paper portfolio includes JetStar for high-speed inkjet printing, Pro-Design for digital printing and the Preprint line for offset printing.
Earlier this month, International Paper closed the sale of its Kwidzyn folding carton board mill in Poland. The company currently runs pulp and paper mills in Saillat, France, and Svetogorsk, Russia, where office paper and printing paper are produced.
Source: China Packaging Network (pack.cn); original link: http://news.pack.cn/show-378060.html
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