Packaging business International Paper (IP), considered the world’s largest pulp and paper company, plans to split up into two independent, publicly traded companies—one for North America, the other for Europe, the Middle East and Asia (EMEA).
Following the split, IP will comprise the current business in North America, including legacy IP and DS Smith assets. EMEA Packaging, similarly, will comprise legacy IP and DS Smith assets in 30 countries across the EMEA region. The separation is expected to be completed in 12 to 15 months, subject to customary conditions.
“During the past year, we have created two regional powerhouses with scale, strong customer relationships, leading brands and talented teams,” says IP’s chair and CEO, Andy Silvernail. “The two operate in distinct market environments and are at different stages of their transformation. We have learned a lot about how to create value in each region. The next step in our journey is to create two independent, regionally focused companies.”
In Canada, IP’s only presence remains its Grande Prairie fibre supply procurement office.
