Packaging firm International Paper to close four US plants, cut 1% of jobs

Reuters
February 13, 2025
Category: Business & Politics
Region: United States, International

MEMPHIS — International Paper (IP) said it was shutting down four production facilities in the U.S. and laying off about 1% of its global workforce to tackle softer demand for its packaging products from e-commerce and consumer goods firms. Shares of the company, which reported a Q4 loss last month, rose about 2% in early trading. IP has seen tepid demand for its pricey paper packaging as consumer goods companies temper inventories and opt for cheaper packaging options. IP employs 65,000 people globally… said it would lay off 495 hourly workers and 179 salaried workers. IP, which bought UK rival DS Smith in January, has been streamlining its operations in the US as higher prices hit sales volumes. Of its nearly 200 factories in the U.S., a containerboard mill in Louisiana, recycling plant in Arizona, box plant in Pennsylvania and sheet feeder plant in Missouri would cease operations by the end of April.

Read More