REG - International Paper - IPC files Current Report on Form 8-K

International Paper CoAnnouncement

21/08/2025 14:15

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RNS Number : 3106W  International Paper Company  21 August 2025

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR IMMEDIATE RELEASE

THIS ANNOUNCEMENT IS ALSO BEING MADE PURSUANT TO THE REQUIREMENTS OF RULE
19.6(B) OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE")

21 August 2025

 

Update to stated post-offer intention statements with regard to DS Smith plc

MEMPHIS, Tenn. - International Paper Company ("International Paper" or the
"Company") announces, further to the completion of its recommended all-share
combination with DS Smith plc ("DS Smith"), which was effected by way of  a
scheme of arrangement under Part 26 of the Companies Act 2006 on 31 January
2025 (the "Combination"), an update to its statements of intent made pursuant
to Rules 2.7(c)(viii) and 24.2(a) of the Code, which were set out in its
announcement of 16 April 2024 (the "2.7 Announcement") and the scheme document
published in connection with the Combination on 11 September 2024 (the "Scheme
Document" and, together with the 2.7 Announcement, the "Offer Documentation").

The Company has filed a Current Report on Form 8-K with the U.S. Securities
and Exchange Commission (the "SEC") reporting that the Company has announced
the closure of containerboard mills located in Riceboro, Georgia and Savannah,
Georgia. These proposals constitute an update to the intentions set out in the
Offer Documentation.

Riceboro, Georgia Mill

The Company plans to permanently close its containerboard mill in Riceboro,
Georgia. The containerboard mill will shut down in stages with all operations
expected to cease by 30 September 2025. The Company expects closure of the
containerboard mill to reduce its workforce by approximately 300 employees.

Savannah, Georgia Mill

The Company plans to permanently close its containerboard mill in Savannah,
Georgia. The containerboard mill will shut down in stages with all operations
expected to cease by [30 September 2025]. The Company expects closure of the
containerboard mill to reduce its workforce by approximately 680 employees.

These mill closures are being undertaken as part of International Paper's
80/20 strategic approach, as announced by the Company in July 2024, under
which the Company determines the most impactful areas to focus on in order to
drive transformational performance while reducing complexity and cost.

International Paper is committed to supporting affected employees through this
transition. The Company offers severance packages, along with outplacement
assistance for eligible employees, to support them during this transition.

The Current Report on Form 8-K is available on the SEC's website at sec.gov
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov&esheet=54178074&newsitemid=20250113179252&lan=en-US&anchor=sec.gov&index=1&md5=5e634fe4b60baf159c8ee8616f0a9eae)
 and on the SEC Filings page of the Company's website at SEC Filings |
International Paper
(https://www.internationalpaper.com/investors/financial-reports/sec-filings) .

The person responsible for arranging for the release of this announcement on
behalf of the Company is Joseph R. Saab, Senior Vice President, General
Counsel and Corporate Secretary.

About International Paper

 

International Paper (NYSE: IP; LSE: IPC) is the global leader in sustainable
packaging solutions. With company headquarters in Memphis, Tennessee, USA, and
EMEA (Europe, Middle East and Africa) headquarters in London, UK, we employ
more than 65,000 team members and serve customers around the world with
operations in more than 30 countries. Together with our customers, we make the
world safer and more productive, one sustainable packaging solution at a time.
Net sales for 2024 were $18.6 billion. In 2025, International Paper acquired
DS Smith creating an industry leader focused on the attractive and growing
North American and EMEA regions. Additional information can be found by
visiting www.internationalpaper.com.

 

For further information please contact:

 

Investor Inquiries

Mandi Gilliland

Senior Director, Investor Relations

+1 901 419 4595

 

Media Inquiries

Jessica Seidner

+1 901 419 4337

newsroom@ipaper.com

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