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International Paper To Outsource Printing Paper Division.
International Paper, one of the world’s leading suppliers of paper and packaging with a turnover of 22 billion dollars, plans to outsource the paper business in the future.
As the group announced, the company’s printing paper segment is to be transferred to an independent, listed company (under the name “SpinCo”). The result of the transaction will be two streamlined, leading companies that are well positioned for long-term success, said International Paper: “Once the transaction is complete, International Paper and SpinCo will each be well positioned to create long-term value.” plans to complete the spin-off at the end of the third quarter of 2021.
International Paper – as a pure packaging and cellulose supplier – intends to accelerate profitable growth in industrial packaging and improve earnings. SpinCo will generate around four billion dollars in sales as an independent company and operate eight factories with an annual capacity of 2.9 million tons of paper and a capacity of 0.4 million tons of coated cardboard. The company also announced that SpinCo plans to take on debt in order to pay a dividend to International Paper to be used to pay off outstanding debt. Upon completion of the spin-off, Jean-Michel Ribiéras, currently Senior Vice President, Industrial Packaging, will become CEO of the new company.
The transaction will be implemented through the distribution of SpinCo shares to the shareholders of International Paper. At the time of the split, International Paper will retain up to 19.99 percent of SpinCo’s shares with the intention of monetizing them and generating additional revenue for International Paper. The proposed spin-off is subject to customary conditions, such as having to be approved by the Board of Directors.
https://www.pbs-business.de/news/lieferanten/04-12-2020-international-paper-will-sparte-druckpapiere-ausgliedern/
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