It has been quite an interesting year of investment activity in the big business of paper as the global packaging industry continues consolidating. Five months into the job, new Chairman & CEO Andrew Silvernail continues to shake up things at International Paper as restructuring, cost cutting and workforce reductions continue. The mega US-based pulp and paper company seeks to expand its European presence, cementing its position as the world’s largest paper giant (by revenue) at a time of consolidation in the paper industry. Fiscal-year revenues are expected to exceed $18.8 billion (USD) for 2024. When combined with DS Smith, International Paper’s pro-forma annual revenues are projected to be approximately $28.2 billion, with 90% of sales coming from corrugated products.
IP is permanently shutting down facilities in six states: two packaging plants in Rockford, Illinois, and Kansas City, Missouri, respectively; two corrugated container plants, one in Statesville, North Carolina, and the other in Cleveland, Tennessee; one corrugated sheet feeder plant in San Antonio, Texas; and a cellulose pulp mill in Georgetown, South Carolina. The combined result of the recently announced mill closures is an expected $230 million improvement in adjusted earnings.
READ THE FULL "TARGET REPORT" FOR OCTOBER '24.
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