New progress has been made in the global paper split listing plan of International Paper Company (IP). The new name of the split company is “sylvanocorporation”, and the headquarters is planned to be located in Memphis, Tennessee.
The split plan was first announced in December 2020. It is planned to split its global printing paper business into an independent listed company by the end of 2021 to focus on industrial packaging and absorbent cellulose fiber business.
In 2020, the printing paper business of international paper industry accounted for 15% of the overall sales, with a turnover of slightly more than US $3 billion, of which 32% came from Europe, the Middle East and Africa“ Sales of COVID-19 have dropped by nearly 30%, and operating profit has declined from $529 million to $228 million, due to hitherto unknown demand decline.
It is reported that sylvamo comes from Latin Silva (forest) and amo (love), which aims to express the close relationship between the company’s future business and the forest, and also express its determination for sustainable development with the meaning of “love”.
At present, sylvamo is still a subsidiary of international paper, and its nine member board of directors has also announced that Jean Michel RIBI é RAS, senior vice president of global paper, will serve as the chairman and CEO of the company. Sylvamo will employ about 7000 new employees in Europe, Latin America and North America.
Sylvamo paper products include Jetstar for high-speed inkjet printing, pro design for digital printing and preprint for offset printing.
Earlier this month, international paper completed the sale of its Polish kwidzyn folding paperboard factory. The Division currently has pulp and paper mills in saillat, France and svetogorsk, Russia to produce office paper and printing paper.
Post time: Aug-30-2021