International Paper Company (IP), a provider of sustainable packaging solutions, said on Thursday it plans to separate into two independent, publicly traded companies, creating a North America-focused International Paper and a new EMEA Packaging business. Shares of the company were up more than 5% in pre-market trading following the announcement.
The North America business will include legacy International Paper and DS Smith assets, while the EMEA Packaging unit will comprise packaging operations in Europe, the Middle East and Africa, combining legacy DS Smith and International Paper assets in the region.
The spin-off is expected to be completed within 12 to 15 months.
International Paper said the separation will allow each company to pursue tailored investment strategies, capital allocation approaches and focused management structures.
Following the separation, Andy Silvernail will remain chairman and chief executive officer of International Paper, with Lance Loeffler continuing as chief financial officer and Tom Hamic as president of Packaging Solutions North America.
The EMEA Packaging business is expected to be led by Tim Nicholls as chief executive officer, with David Robbie serving as chairman.
The transaction is expected to be structured as a spin-off of the combined EMEA Packaging business to shareholders, with International Paper retaining a meaningful ownership stake. The new company is expected to be listed on both the London Stock Exchange and the New York Stock Exchange.
International Paper shares closed at $41.49 on Wednesday, down 1.68%.
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