International Paper’s (IP) packaging business in North America has initiated a number of actions to enhance its ability to serve and grow with customers while improving its manufacturing footprint, including: Investment of $250 million to convert the #16 machine at the Riverdale mill in Selma, Ala. to produce containerboard. The permanent closure of the Savannah, Ga. containerboard mill, the Savannah, Ga. packaging facility, Riceboro containerboard mill and Riceboro Timber and Lumber. These changes will impact approximately 1,100 hourly and salaried positions. International Paper is committed to supporting affected employees through this transition. The company will offer severance packages, along with outplacement assistance for eligible employees, to support them during this transition. The Riverdale conversion is expected to be completed by the third quarter of 2026. The Riceboro and Savannah mills will shut down in phases by the end of September 2025, and the Savannah packaging facility will also cease operations by the end of September. These combined changes will result in a net reduction of the company’s annual containerboard capacity by approximately one million tons.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on IP:
- International Paper Sells Global Cellulose Fibers Business
- International Paper Announces Closure of Georgia Mills Amid Strategic Shift
- International Paper to sell Global Cellulose Fibers business
- International Paper management to meet virtually with Seaport Research
- International Paper price target lowered to $59 from $60 at Seaport Research