International Paper Co.
International Paper Announces Corporate Overhead Restructuring
Summary
On October 15, 2024, International Paper Company announced a corporate overhead restructuring plan aimed at reducing operating costs, which includes reducing its workforce by approximately 650 employees. The company estimates it will incur aggregate pre-tax restructuring charges of approximately $80 million to $100 million related to one-time severance payments and other employee termination benefits. Approximately $50 million of such charges will be recorded in the third quarter of 2024, with the remaining anticipated in the fourth quarter. Substantially all of these charges will involve cash payments, with the majority expected to be paid during the first quarter of 2025.
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About International Paper Co.
International Paper Co. is a leading global producer of renewable fiber-based packaging, pulp, and paper products. Primarily serving the industrial packaging sector, the company plays a critical role in the supply chain for a variety of industries, providing essential materials for sustainable packaging solutions. Beyond industrial packaging, International Paper Co. is deeply involved in the production of pulp used in the making of personal care products, tissue, and other consumer-oriented goods. Through its expansive reach across North America, Latin America, Europe, and beyond, International Paper Co. adheres to sustainable practices, prioritizing renewable resources and environmentally friendly processes. Established in 1898 and headquartered in Memphis, Tennessee, the company is a significant player in the global forest products industry. Its commitment to sustainability and innovation helps meet the world's packaging needs while minimizing environmental impact, making it a key influencer in promoting ecological consciousness within the financial markets.
Official SEC Documents
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