IP Concluded Spinoff of its Global Papers Business

SEATTLE (Scrap Monster): Memphis, Tennessee-headquartered International Paper (IP) announced that it has completed the previously announced separation and spinoff of its global printing papers business. It must be noted that the spinoff is named “Sylvamo Corporation”, which translates as a whole to “love of forests”.

According to company press release, the Sylvamo common stock has already begun trading on the New York Stock Exchange (NYSE) effective October 1, 2021 under the symbol “SLVM”.

Mark Sutton, Chairman and Chief Executive Officer said that the spinoff will enhance the strategic flexibility and focus for long-term success and value creation at both companies.

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IP advised shareholders to consult with their tax advisors with regards to the U.S. federal, state and local or foreign tax consequences, if any, of the spin-off. Each IP shareholder received one share of Sylvamo common stock for every eleven shares of IP common stock held by them. Meantime, IP continues to own nearly 19.9% of the outstanding shares of Sylvamo common stock.

The spinoff covers approximately 7,000 employees from across Europe, Latin America and North America as its members. Jean-Michel Ribiéras, senior vice president, Global Papers, will serve as the company's chairman and chief executive officer.