I’m confident that our transformational journey will unlock substantial value at IP and strengthen the company for our employees, customers and shareholders.” In its Industrial Packaging business segment, IP report- ed third-quarter operating profit (loss) of $197 million com- pared with $291 million in the second quarter of 2024. In North America, business segment operating profit (loss) decreased as higher sales prices for boxes and contain- erboard were more than offset by seasonally lower sales volumes, higher operating costs, and higher planned out- age costs, IP said. IP also announced the permanent closure of its George- town, South Carolina mill. The mill will shut down in stages with a full closure expected by the end of 2024. The Georgetown mill produces approximately 300,000 tons of fluff pulp designed for a range of consumer appli- cations from baby diapers to incontinence products. GCF plans to retain 100 percent of the mill’s fluff pulp capacity by transferring production to other mills and further reduc- ing the IP’s exposure to commodity pulp grades, IP said. The mill also produces uncoated freesheet papers that it sells to Sylvamo pursuant to a strategic contract, which IP and Sylvamo have mutually agreed to terminate as of De- cember 31. In total, 526 hourly employees and 148 salaried em- ployees will be impacted and all employees will be offered severance benefits, outplacement services and access to mental health resources, IP said.
AVERAGE CONTAINERBOARD PRICES The average prices reported are tabulated from prices PAID by various sources throughout the United States the week previous to issue. Prices in some areas of the country may be higher or lower than the tabulated average. The prices tabulated here are intended only for purposes of reference. They do not connote any commitment to sell any material at the indicated average. Transactions may be completed at any time at a price agreed upon by seller and purchaser. REGION 42# Kraft liner 26# Semi-Chem. Medium $ 900.00-925. 00 $ 825. 00 -$850.00 U.S. Average CANADIAN LINERBOARD & MEDIUM The average prices reported are tabulated from prices PAID by various sources throughout Canada. Prices may be higher or lower in various areas of the country. The prices tabulated here are intended only for purposes of reference. They do not connote any commitment to sell any material at the indicated average. Transactions may be completed at any time at a price agreed upon by seller and purchaser. Prices are Canadian $ and per metric ton. 42# Kraft Liner 26# Semi-Chem Medium East $970.00 $960.00 West $1,015.00 $995.00 REGION
IP, DS Smith Merger (CONT’D FROM PAGE 1)
complexity and cost across the company. This includes or- ganizational restructuring and corporate cost reductions, as well as investments to strengthen our most competitive and strategic assets, paired with facility closures to struc- turally reduce operating costs,” he said. “In addition, we are exploring strategic options for our Global Cellulose Fibers business. We recognize the im- pact of these difficult decisions and are providing support for team members who are affected. As we look forward to the combination with DS Smith, we expect the transac- tion will close early in the first quarter of 2025. Overall,
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November 4, 2024
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