Oct. 1, 2021 - International Paper Company today announced the completion of its previously announced separation and spin-off of its global printing papers business, now operating as Sylvamo Corporation (NYSE: SLVM). Each International Paper shareholder received one share of Sylvamo common stock for every eleven shares of International Paper common stock held on the record date. International Paper continues to own approximately 19.9% of the outstanding shares of Sylvamo common stock.
"The spin-off enhances the strategic flexibility and focus for long-term success and value creation at both companies. International Paper is now a highly-advantaged, corrugated packaging-focused company, well-positioned to grow earnings and cash generation," said Mark Sutton, Chairman and Chief Executive Officer.
Jean-Michel Ribiéras, Chairman and Chief Executive Officer of Sylvamo, said, “We believe in the promise of paper to educate, communicate and entertain. As a standalone company, Sylvamo has the strategic flexibility, strong leadership and teams, best-in-class mills in attractive regions and iconic global brands to create long-term value for our employees, customers and shareowners.”
Sylvamo common stock is expected to begin "regular way" trading on the New York Stock Exchange today under the symbol "SLVM" and the CUSIP number 871332 102.
The receipt of Sylvamo common stock in the distribution is tax-free to International Paper stockholders for U.S. federal income tax purposes, except for the gain or loss attributable to cash received in lieu of fractional shares of Sylvamo common stock. International Paper shareholders are urged to consult with their tax advisors with respect to the U.S. federal, state and local or foreign tax consequences, as applicable, of the spin-off.
Sylvamo is the world’s paper company with mills in Europe, Latin America and North America. The company transforms renewable resources into papers that people depend on for education, communication and entertainment. Headquartered in Memphis, Tennessee, Sylvamo employs more than 7,000 people. To learn more, visit: www.sylvamo.com.
International Paper (NYSE: IP) is a leading global producer of renewable fiber-based packaging and pulp products with manufacturing operations in North America, Latin America, North Africa and Europe. The company produces corrugated packaging products and pulp for diapers, tissue, and other personal hygiene products that promote health and wellness. To learn more, visit: www.internationalpaper.com.
SOURCE: International Paper and Sylvamo
Paper Industry Newsletter
Stay on top of paper industry news
from around the world with
PaperAge's free weekly newsletter.
Delivered every Thursday.
Sign up today!