tiprankstipranks
The Fly

International Paper announces facility closures

International Paper announces facility closures

International Paper (IP) announced the permanent closure of the company’s Red River containerboard mill in Campti, La., recycling plant in Phoenix, Az., box plant in Hazleton, Pa., and sheet feeder facility in St. Louis, Mo. All facilities will cease operations by the end of April. The Red River containerboard mill closure is expected to reduce the company’s containerboard capacity by approximately 800,000 tons on an annualized basis. In total, 495 hourly employees and 179 salaried employees will be affected. The company will work to minimize the impact on employees by using attrition, retirements and current vacancies at other International Paper locations. Team members at these locations will receive outplacement assistance, access to mental health support resources and where possible, severance benefits.

Discover the Best Stocks and Maximize Your Portfolio:

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App
1