International Paper to Divest Five European Corrugated Box Plants

SEATTLE (Scrap Monster): International Paper (IP), based in Memphis, Tennessee, said that it has entered into exclusive talks with PALM Group, a German company that has made an irreversible offer to buy five corrugated box operations in Europe.

After the required French works council consultation and/or employee information procedures are finished, the two parties are anticipated to sign a final share purchase agreement. The deal is anticipated to close by the end of the second quarter of 2025.

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In accordance with IP's prior agreement with the European Commission (EC) as a remedy for the company's acquisition of DS Smith Plc, the box plants are being sold. Only once the EC approves the potential buyer will the divestment be finalized. With the sale of the five plants, IP will have fulfilled all of its commitments to the EC related to the purchase of DS Smith Plc.

Andy Silvernail, Chairman and CEO of IP, commented on the development, saying that finding the suitable buyer for these five facilities has been a major priority for the team since the completion of the DS Smith transaction, and that it is happy to have found one in PALM Group. He thanked everyone on the team for their priceless efforts and wished them continued success in providing value to their new owner.