Displaying items by tag: International Paper
International Paper to Explore Strategic Options for Ownership Interest in Ilim Group
International Paper (NYSE: IP) announced its intention to explore strategic options, including the possible sale, of its 50% ownership interest in Ilim Group. International Paper has no intention to seek suspension of operations or initiate any liquidation or bankruptcy proceedings with respect to Ilim Group.
About International Paper
International Paper (NYSE: IP) is a leading global supplier of renewable fiber-based products. We produce corrugated packaging products that protect and promote goods, and enable worldwide commerce, and pulp for diapers, tissue and other personal care products that promote health and wellness. Headquartered in Memphis, Tenn., we employ approximately 38,000 colleagues globally. We serve customers worldwide, with manufacturing operations in North America, Latin America, North Africa and Europe. Net sales for 2021 were $19.4 billion. Additional information can be found by visiting InternationalPaper.com.
SOURCE International Paper
International Paper Receives SBTi Approval for its Science-based Carbon Reduction Target
International Paper (NYSE: IP) have just announced our 35% Greenhouse Gas reduction target has been approved by Science Based Targets initiative (SBTi) as consistent with levels required to meet the goals of the Paris Agreement. The targets covering greenhouse gas emissions from International Paper's operations (scopes 1 and 2) are consistent with reductions required to keep warming to well-below 2°C. Additionally, International Paper's target for the emissions from its value chain (scope 3) meet the SBTi's criteria for ambitious value chain goals, meaning they are in line with current best practice.
The approval formally recognizes International Paper as a leader in the low-carbon transition, and makes the company one of the first North American organizations in the paper and packaging industry with approved targets, joining over 1,000 others across industries and around the world.
"As a global leader in the forest products industry, International Paper is uniquely positioned to drive significant progress in the low-carbon circular economy," said Mark Sutton, Chairman and Chief Executive Officer, International Paper. "We are committed to leading our industry towards a more sustainable future."
In 2020, International Paper released its Vision 2030 goals, which demonstrate its commitment to building a better future for people, the planet and the company. Through the goals, one of the world's leading producers of renewable fiber-based packaging and pulp announced plans to advance its contributions to the circular, low-carbon economy while building on its commitments to its people and communities.
The company has committed to achieving the following goals by 2030:
- Healthy & Abundant Forests: Lead forest stewardship efforts globally
- Thriving People & Communities: Promote employee well-being by providing safe, caring and inclusive workplaces and strengthen the resilience of our communities
- Sustainable Operations: Improve our climate impact and advance water stewardship
- Renewable Solutions: Accelerate the transition to a low-carbon economy through innovative fiber-based products
Each goal includes one to three specific, measurable targets, enabling the company to track its progress throughout the decade. The targets include commitments to reduce greenhouse gas emissions by 35% from 2019 levels, to reduce water usage by 25% and to create innovative products that are 100 percent reusable, recyclable or compostable.
"The SBTi approval means we've aligned our own sustainability ambitions with the Paris agreement, and demonstrates International Paper's commitment to building a better future for people, the planet and our company," continued Sutton.
The Science Based Targets initiative (SBTi) helps companies establish science-based targets to reduce greenhouse gas emissions and transform business operations to fit the future low-carbon economy. Targets adopted by companies to reduce greenhouse gas (GHG) emissions are considered to be "science based" if they are in line with what the latest climate science says is necessary to meet the goals of the Paris Agreement – to limit global warming to well below 2°C above pre-industrial levels and pursue efforts to limit warming to 1.5°C. SBTi is a collaboration between CDP, United Nations Global Compact (UNGC), World Resources Institute (WRI), World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments.
About International Paper
International Paper (NYSE: IP) is a leading global producer of renewable fiber-based packaging and pulp products with manufacturing operations in North America, Latin America, North Africa and Europe. We produce packaging products that protect and promote goods, and enable worldwide commerce, and pulp for diapers, tissue and other personal hygiene products that promote health and wellness. We are headquartered in Memphis, Tenn. and employ approximately 38,000 colleagues. Net sales for 2020 were $21 billion*. In Russia, the Company has a 50/50 joint venture, Ilim Group, the country's largest integrated manufacturer of pulp and paper and its largest foreign-domestic alliance in the forestry products sector. For more information about International Paper, our products and global citizenship efforts, please visit internationalpaper.com.
*Inclusive of our former pulp and paper mill in Kwidzyn, Poland, which was sold on August 6, 2021, and our former global papers business, which became a standalone, publicly traded company on October 1, 2021.
International Paper Announces the Record Date and Distribution Date in Connection with the Spin-off of its Printing Papers Business
International Paper (NYSE: IP) today announced the timing and additional details regarding the spinoff of its Printing Paper business, which will be known as Sylvamo Corporation ("Sylvamo"). As previously announced, immediately following the spinoff of the Printing Papers business to International Paper shareholders, Sylvamo will be a new, publicly-traded company, to be listed on the New York Stock Exchange ("NYSE").
International Paper shareholders as of 5:00 p.m. New York City time on September 15, 2021, the record date set by the International Paper board of directors for the distribution of Sylvamo shares, will be entitled to receive a number of shares of Sylvamo common stock at 12:01 a.m. New York City time on the distribution date, October 1, 2021. The distribution ratio is expected to be one share of Sylvamo common stock for every 11 shares of International Paper common stock. International Paper will announce the definitive distribution ratio promptly after the record date.
International Paper shareholders will not receive fractional shares of Sylvamo common stock. Instead, fractional shares of Sylvamo common stock will be aggregated and sold in the open market, with the net proceeds distributed pro rata in cash payments to the International Paper shareholders who would otherwise receive a fractional share of Sylvamo common stock.
Sylvamo common stock is expected to begin trading on a "when-issued" basis on the NYSE under the symbol "SLVM WI" beginning on September 14, 2021. On October 1, 2021, "regular way" trading under the symbol "SLVM" is expected to begin. The CUSIP number for the Sylvamo common stock will be 871332 102 when regular way trading begins.
International Paper has been advised by the NYSE that from September 14, 2021 through the distribution date, there will be two markets for International Paper common stock: a "regular way" market and an "ex-distribution" market. Shares of International Paper common stock will continue to trade "regular way" on the NYSE under the symbol "IP" through September 30, 2021 and thereafter. Any holders of shares of International Paper common stock who sell International Paper shares regular way on or before September 30, 2021 will also be selling their right to receive shares of Sylvamo common stock. Additionally, holders of shares of International Paper common stock who sell in the "ex-distribution" market on or before September 30, 2021 (which will trade under the symbol "IP WI" on the NYSE), will be selling only his or her shares of International Paper common stock and will be retaining his or her right to receive shares of Sylvamo common stock in the spinoff distribution. Investors are encouraged to consult with their financial advisors regarding the specific implications of buying or selling Sylvamo common stock on or before the distribution date.
No action or payment is required by International Paper shareholders to receive the shares of Sylvamo common stock in the spinoff distribution. Shareholders who hold International Paper common stock on the record date will receive a book-entry account statement reflecting their ownership of Sylvamo common stock or their brokerage account will be credited with the Sylvamo shares.
The receipt of Sylvamo common stock in the distribution will be tax-free to International Paper stockholders for U.S. federal income tax purposes, except for the gain or loss attributable to cash received in lieu of fractional shares of Sylvamo common stock. International Paper shareholders are urged to consult with their tax advisors with respect to the U.S. federal, state and local or foreign tax consequences, as applicable, of the spin-off.
A registration statement on Form 10 relating to the Sylvamo common stock has been filed with the SEC, but has not yet become effective. The distribution is subject to the satisfaction or waiver of a number of conditions described in the registration statement on Form 10, filed by Sylvamo with the Securities and Exchange Commission ("SEC"). International Paper also reserves the right to withdraw and cancel the distribution if, at any time prior to the distribution date, the board of directors of International Paper determines, in its sole discretion, that the distribution is not in the best interest of International Paper or its shareholders, or that market conditions are such that it is not advisable to consummate the distribution. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or jurisdiction.
About International Paper
International Paper (NYSE: IP) is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa and Russia. We produce corrugated packaging products that protect and promote goods, and enable world-wide commerce; pulp for diapers, tissue and other personal hygiene products that promote health and wellness; and papers that facilitate education and communication. We are headquartered in Memphis, Tenn., employ approximately 48,000 colleagues and serve more than 25,000 customers in 150 countries. Net sales for 2020 were $21 billion. For more information about International Paper, our products and global citizenship efforts, please visit internationalpaper.com.
International Paper's Board of Directors Elects DG Macpherson
International Paper Company (NYSE: IP) announced the election of DG Macpherson to its Board of Directors effective March 1, 2021.
Mr. Macpherson, 53, currently serves as Chairman and Chief Executive Officer of W.W. Grainger, Inc., a Fortune 500 industrial supply company focused on maintenance, repair and operating supplies and related services. Before being elected to his current role, he served as the company's Chief Operating Officer after leading its strategy development and global supply chain.
Before joining Grainger, Mr. Macpherson served as a Partner and Managing Director of the Boston Consulting Group. Early in his career, he served in the U.S. Air Force as a test engineer. He holds a Bachelor's degree from Stanford University and a Master's of Business Administration from Northwestern University's Kellogg School of Management.
"DG's extensive supply chain, manufacturing, and operational experience will add tremendous value to our Board, as will his in-depth knowledge of developing and improving the customer experience from order to delivery," said Mark Sutton, Chairman and Chief Executive Officer. "We will benefit from his diverse perspective and background and we are pleased to have DG join our Board."
Mr. Macpherson was identified through a national search conducted by the Diversified Search Group. With the election of Mr. Macpherson, the Board will have 12 directors. To learn more about other members of International Paper's Board of Directors, visit www.internationalpaper.com.
About International Paper
International Paper (NYSE: IP) is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa and Russia. We produce corrugated packaging products that protect and promote goods, and enable world-wide commerce; pulp for diapers, tissue and other personal hygiene products that promote health and wellness; and papers that facilitate education and communication. We are headquartered in Memphis, Tenn., employ approximately 48,000 colleagues, and serve more than 25,000 customers in 150 countries. Net sales for 2020 were $21 billion. For more information about International Paper, our products and global citizenship efforts, please visit internationalpaper.com.
SOURCE International Paper
International Paper Completes the Sale of Its Brazilian Corrugated Packaging Business
International Paper (NYSE: IP) has just announced that it completed the previously disclosed sale of its Brazilian corrugated packaging business to Klabin S.A. The business has three containerboard mills and four box plants. The company will continue to run its papers business and forestry operations in Brazil.
About International Paper
International Paper (NYSE: IP) is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa and Russia. We produce corrugated packaging products that protect and promote goods, and enable worldwide commerce; pulp for diapers, tissue and other personal hygiene products that promote health and wellness; and papers that facilitate education and communication. We are headquartered in Memphis, Tenn., employ more than 50,000 colleagues and serve more than 25,000 customers in 150 countries. Net sales for 2019 were $22 billion. For more information about International Paper, our products and global citizenship efforts, please visit internationalpaper.com.
International Paper Named One Of The 2020 World's Most Ethical Companies® By Ethisphere For The Fourteenth Consecutive Year
Recognition honors those companies that take the long view with a purpose-based strategy and strive to create positive change throughout their global communities.
International Paper (NYSE: IP) a world leader in renewable fiber-based packaging, pulp, and paper products, has been recognized by Ethisphere, a global leader in defining and advancing the standards of ethical business practices, as one of the 2020 World's Most Ethical Companies.
International Paper has been recognized for a fourteenth consecutive year and is one of only two honorees in the forestry, paper and packaging industry. In 2020, 130 honorees were recognized spanning 21 countries and 51 industries.
"Receiving this prestigious award fourteen years in a row highlights International Paper's ongoing commitment to be among the most successful, sustainable and responsible companies in the world. Ethics is one of our core values, which is why we strive to do the right things, in the right ways, for the right reasons – all of the time. We call it the IP Way," said Sharon Ryan, General Counsel, and Corporate Secretary. "Our more than 50,000 team members and 25,000 customers in 150 countries rely on IP to be an ethical partner wherever we do business."
"Congratulations to everyone at International Paper for earning this recognition," said Ethisphere's Chief Executive Officer, Timothy Erblich. "This is a moment to acknowledge the leaders working to advance corporate cultures defined by integrity and affirm those companies contributing to broader societal imperatives and the greater good."
Methodology & Scoring
Grounded in Ethisphere's proprietary Ethics Quotient®, the World's Most Ethical Companies assessment process includes more than 200 questions on culture, environmental and social practices, ethics and compliance activities, governance, diversity, and initiatives to support a strong value chain. The process serves as an operating framework to capture and codify the leading practices of organizations across industries and around the globe. Best practices and insights from the 2020 honorees will be released in a report and webcast in March and April of this year.
All companies that participate in the assessment process receive an Analytical Scorecard providing them a holistic assessment of where their programs stand against the demanding standards of leading companies.
Honorees
The full list of the 2020 World's Most Ethical Companies can be found at https://worldsmostethicalcompanies.com/honorees
SOURCE International Paper
International Paper Names First Chief Sustainability Officer
International Paper (NYSE: IP), a leading producer of renewable fiber-based packaging, pulp and paper, has named its first-ever chief sustainability officer as it prepares to advance its contributions to the circular economy. Sophie Beckham will lead the company's recently announced Vision 2030, which demonstrates its commitment to building a better future for people, the planet and the company.
"Customers, investors and employees depend on us to be leaders in environmental stewardship and to strengthen our people and communities; appointing a chief sustainability officer is the next step in our continuing progress," said Mark Sutton, chairman and chief executive officer. "Sophie is uniquely qualified to lead the pursuit of our Vision 2030 goals and drive sustainability efforts that create value for all of our stakeholders."
Beckham will lead the development and execution of the company's sustainability strategy, including efforts to integrate the Vision 2030 goals into the strategic, operating, people and financial plans across the company's global businesses. Through these goals, International Paper will advance its contributions to the circular, low-carbon economy while building on its commitments to its people and communities.
"For more than 120 years, forest stewardship has been at the core of how we have operated our company," said Beckham. "Today, we recognize the broader role we can play in advancing sustainable outcomes–both environmental and social. This is an important time for International Paper, and I'm extremely excited to amplify our ambition to be among the most successful, sustainable and responsible companies in the world."
Beckham joined International Paper in 2013 to manage the company's forest stewardship and sustainability efforts.
To learn more about the company's approach to sustainability, visit renewablefuture.internationalpaper.com.
About International Paper
International Paper (NYSE: IP) is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa and Russia. We produce corrugated packaging products that protect and promote goods and enable worldwide commerce; pulp for diapers, tissue, and other personal hygiene products that promote health and wellness; and papers that facilitate education and communication. We are headquartered in Memphis, Tenn., employ more than 50,000 colleagues and serve more than 25,000 customers in 150 countries. Net sales for 2019 were $22 billion. For more information about International Paper, our products and global citizenship efforts, please visit internationalpaper.com
SOURCE International Paper
International Paper Completes the Sale of Its India-based Printing Paper Business
International Paper has just announced that it has completed the sale of its controlling interest (21,873,521 shares) in International Paper APPM Limited (NSE:IPAPPM | BSE:502330), an India-based printing paper business, to West Coast Paper Mills Limited (NSE: WSTCSTPAPR) for approximately $85 million. International Paper intends to pursue suitable alternatives to divest its remaining 20% ownership interest (7,954,008 shares) in APPM.
About International Paper
International Paper (NYSE: IP) is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa and Russia. We produce corrugated packaging products that protect and promote goods, and enable world-wide commerce; pulp for diapers, tissue and other personal hygiene products that promote health and wellness; and papers that facilitate education and communication. We are headquartered in Memphis, Tenn., employ more than 50,000 colleagues and serve more than 25,000 customers in 150 countries. Net sales for 2018 were $23 billion. For more information about International Paper, our products and global citizenship efforts, please visit internationalpaper.com
SOURCE International Paper
International Paper Announces Agreement to Sell Its India-based Paper Business
International Paper (NYSE: IP) has entered into an agreement with West Coast Paper Mills Limited (NSE: WSTCSTPAPR) to sell its controlling interest in International Paper APPM Limited (NSE:IPAPPM | BSE:502330), an India-based paper business. International Paper currently owns approximately 30 million shares, or 75% of the outstanding shares, of International Paper APPM Limited (APPM).
The transaction is expected to be completed by the end of the year subject to satisfaction of customary closing conditions, including obtaining required governmental approvals and West Coast Paper Mills Limited's (WCPM) launch of a tender offer. Pursuant to Indian securities law requirements, WCPM will launch a tender offer to acquire up to all of the APPM shares owned by public shareholders, which represents 25% of APPM's outstanding shares. The closing of IP's transaction with WCPM will occur following the completion of the tender offer and receipt of antitrust clearance. Depending on the results of that tender offer, WCPM will acquire from IP between 51% and 60% of the outstanding APPM shares at a price per share of 275 Indian Rupees. Once this transaction closes, WCPM will be responsible for the operations of APPM, and International Paper will be a passive investor until such time that IP has sold its remaining shares in APPM.
"As part of our strategic assessment of the IP portfolio, we have decided to exit our position in IP APPM," said Mark Sutton, Chairman and Chief Executive Officer. "This decision is a reflection of our continued focus on growing our global packaging and cellulose fibers businesses. Our paper business continues to perform well in India and we wish the team there the very best in the future."
About International Paper
International Paper (NYSE: IP) is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa, India and Russia. We produce corrugated packaging products that protect and promote goods, and enable world-wide commerce; pulp for diapers, tissue and other personal hygiene products that promote health and wellness; and papers that facilitate education and communication. We are headquartered in Memphis, Tenn., employ 53,000 colleagues and serve more than 25,000 customers in 150 countries. Net sales for 2018 were $23 billion. For more information about International Paper, our products and global citizenship efforts, please visit internationalpaper.com
International Paper Named One Of The 2019 World's Most Ethical Companies® By Ethisphere For The Thirteenth Time
International Paper (NYSE: IP) a world leader in renewable fiber based packaging, pulp and paper products, has been recognized by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices, as one of the 2019 World's Most Ethical Companies.
International Paper has been recognized for thirteen consecutive years, and is one of only two honorees in the forestry, paper and packaging industry, underscoring their commitment to leading with integrity and prioritizing ethical business practices.
In 2019, 128 honorees were recognized spanning 21 countries and 50 industries. The thirteenth class of honorees illustrate how companies continue to be the driving force for improving communities, building capable and empowered workforces, and fostering corporate cultures focused on ethics with a strong sense of purpose.
"It is an honor once again to be included on this list and to be among companies whose principles and practices uphold the highest standards of ethics and corporate social responsibility," said Sharon Ryan, General Counsel and Corporate Secretary. "Our work does not stop inside International Paper, we expect our business partners to share our values and principles as described in our Supplier Code of Conduct. Throughout our global supply chains, we promote safe and healthy working conditions; high ethical standards; protection of human rights and dignity; responsible use of natural resources and compliance with all applicable laws."
"Today, employees, investors and stakeholders are putting their greatest trust in companies to take leadership on societal issues. Companies that take the long view with a purpose-based strategy are proven to not only outperform but last," said Ethisphere's Chief Executive Officer, Timothy Erblich. "I congratulate everyone at International Paper for earning this recognition."
Methodology & Scoring
The World's Most Ethical Companies assessment is based upon the Ethisphere Institute's Ethics Quotient® (EQ) framework, which offers a quantitative way to assess a company's performance in an objective, consistent and standardized manner. The information collected provides a comprehensive sampling of definitive criteria of core competencies rather than all aspects of corporate governance, risk, sustainability, compliance and ethics.
Scores are generated in five key categories: ethics and compliance program (35 percent), culture of ethics (20 percent), corporate citizenship and responsibility (20 percent), governance (15 percent) and leadership and reputation (10 percent). All companies that participate in the assessment process receive their scores, providing them with valuable insights into how they stack up against leading organizations.
Honorees
The full list of the 2019 World's Most Ethical Companies can be found at https://worldsmostethicalcompanies.com/honorees.
Best practices and insights from the 2019 honorees will be released in a report and webcast in March and April of this year. Sign up to receive the report.
About International Paper
International Paper (NYSE: IP) is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa, India and Russia. We produce corrugated packaging products that protect and promote goods, and enable world-wide commerce; pulp for diapers, tissue and other personal hygiene products that promote health and wellness; and papers that facilitate education and communication. We are headquartered in Memphis, Tenn., employ 53,000 colleagues and serve more than 25,000 customers in 150 countries. Net sales for 2018 were $23 billion. For more information about International Paper, our products and global citizenship efforts, please visit internationalpaper.com.
About the Ethisphere Institute
The Ethisphere® Institute is the global leader in defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust and business success. Ethisphere has deep expertise in measuring and defining core ethics standards using data-driven insights that help companies enhance corporate character and measure and improve culture. Ethisphere honors superior achievement through its World's Most Ethical Companies recognition program and provides a community of industry experts with the Business Ethics Leadership Alliance (BELA). More information about Ethisphere can be found at: https://ethisphere.com