International Paper to close 5 sites, affecting 500 employees

Core Insights - International Paper is undergoing significant restructuring, including the closure of various U.S. and U.K. locations as part of an optimization plan initiated by CEO Andy Silvernail [3][4][5] - The company aims to reduce costs by $500 million to $600 million in Europe following its acquisition of DS Smith for approximately $7.2 billion [4][5] - The restructuring process in Europe is more complex due to regulatory requirements compared to the U.S. [4] U.S. Operations - International Paper has closed around 3,600 jobs in the U.S. from October 2024 to August 2025, including recent closures in Georgia [3] - The optimization plan in the U.S. was launched prior to the DS Smith acquisition [5] European Operations - The company plans to close five packaging sites in the U.K., affecting about 300 roles, and is also set to close five sites in Germany, impacting approximately 500 jobs [4][5] - Silvernail indicated that Europe is currently a cash drain for the company, necessitating a restructuring [4] Strategic Goals - The overarching goal of the optimization plan is to transform International Paper into a stronger sustainable packaging solutions company [5] - The company is engaging with labor representatives regarding the closures, but further details will be withheld until discussions progress [5]