Memphis, Tennessee based International Paper (IP), a leader in sustainable packaging solutions, has announced its plan to create two independent, publicly traded companies: International Paper will be comprised of its current business in North America including both legacy IP and DS Smith assets, and the EMEA Packaging business will be comprised of both legacy DS Smith and IP assets in EMEA. The separation will create two leading sustainable packaging solutions companies, each with focused management teams and business models, tailored investment and capital allocation strategies, and compelling financial profiles.
Andy Silvernail will continue to serve as Chairman and CEO of International Paper, Lance Loeffler will remain Chief Financial Officer, and Tom Hamic will remain Executive Vice President and President, Packaging Solutions North America.
Following the separation, Tim Nicholls will serve as Chief Executive Officer of the new publicly traded company. Nicholls and the rest of the EMEA leadership team, with deep collective industry and regional expertise, have led the integration and transformation of the combined EMEA business. Additionally, David Robbie is expected to serve as the Chairman of the Board of Directors of the new company in EMEA.
The separation is expected to be completed in 12-15 months, subject to the satisfaction of certain customary conditions, including final approval by the IP Board of Directors as well as the filing and effectiveness of a registration statement with the U.S. Securities and Exchange Commission and the publication of a prospectus approved by the U.K. Financial Conduct Authority.
