International Paper plans to break up and spin off its European packaging business as the 128-year-old company seeks to strengthen its operations amid weak macroeconomic conditions. Memphis-based IP will create two independent, publicly traded companies, it said Thursday confirming an earlier report. The split is one of the most dramatic changes for the packaging giant that was founded in 1898 through the combination of 17 pulp and paper mills. It comes less than two years after IP rebuffed an offer from Brazil’s Suzano SA. It also follows the completion a year ago of IP’s acquisition of UK-based DS Smith. …IP said the new companies will comprise its current business in North America, including both legacy IP and DS Smith assets, and an EMEA packaging business, again comprising legacy DS Smith and IP assets.