Memphis-based International Paper is laying off 1,100 workers and selling its cellulose fibers business as part of a broader restructuring effort. The company reached a deal to sell the business for $1.5 billion, marking one of its most significant asset disposals in recent years.
International Paper, a leading paper products manufacturer, is undergoing a period of significant change under new management. The company’s decision to close two mills and sell its cellulose fibers business is part of an effort to focus on more profitable areas of the industry.
The layoffs are expected to have a significant impact on the local community, with many workers at risk of losing their jobs due to the restructuring efforts. Industry experts note that this move could be a sign of the larger shift towards sustainability and renewable energy in the paper products sector.
As the company moves forward, it will likely focus on its core business areas, including pulp and paper products. However, the sale of the cellulose fibers business will provide International Paper with much-needed capital to invest in new technologies and initiatives.
Source: https://dailymemphian.com/article/54342/international-paper-closing-two-mills