International Paper announces permanent closure of two recycling facilities

SEATTLE (Scrap Monster): The Memphis, Tennessee headquartered International Paper (IP) has announced its decision to permanently shutter the operations at two facilities. The company has decided to idle its operations at Denver, Colorado and Memphis, Tennesseerecycling facilities by end ofQ1 2015.

According to IP press release, the decision to close the facilities was arrived at after thorough analyses and reviews on its operations. Almost 50 employees will be affected by the decision. The company clarified that it will assist the employees in securing a new job either within the company or in outside companies with the help of placement agencies. It will pay severance pay and other due benefits to all the employees. The company further stated that it fully recognizes the inconvenience caused to its employees.

IP stated that its other operations in Memphis will not be affected by the closure of the recycling plants. The company runs 18 recycling plants in the US. It processes approximately 6 million tons of recovered fiber per year.

International Paper is a global leader in the paper and packaging industry with manufacturing operations in North America, Europe, Latin America, Asia and North Africa. Headquartered in Memphis, Tenn., the company employs approximately 65,000 people and is strategically located in more than 24 countries serving customers worldwide.