International Paper Co - IP STOCK NEWS

International Paper Company (NYSE:IP) announced a spin-off and distribution of approximately 80.1% of Sylvamo Corporation (NYSE:SLVM) shares, effective October 1, 2021. Shareholders of record by September 15, 2021, will receive one share of Sylvamo for every eleven shares of International Paper held. No fractional shares will be issued; instead, fractions will be sold with proceeds distributed in cash. Sylvamo shares began trading on a 'when-issued' basis on September 14, 2021. The spin-off is subject to conditions and may be canceled if deemed unbeneficial.

International Paper (NYSE: IP) announced its plan to spin off its Printing Papers business, which will be named Sylvamo Corporation. The distribution will occur on October 1, 2021, for shareholders as of September 15, 2021, with a ratio of one Sylvamo share for every 11 International Paper shares held. Sylvamo shares will trade on the NYSE under the symbol "SLVM". The spin-off is intended to be tax-free for U.S. federal income tax purposes, except for fractional shares sold for cash. The transaction remains subject to regulatory approvals and other conditions.

International Paper Company (NYSE: IP) announced that its subsidiary, Sylvamo Corporation, priced $450 million of 7.000% senior unsecured notes due 2029. The offering is set to close on September 3, 2021. The proceeds, combined with anticipated borrowings and cash on hand exceeding $100 million, will be used for a special payment to International Paper ahead of the spin-off. These notes are offered privately, exempt from U.S. Securities Act registration requirements, and are available only to qualified buyers. Forward-looking statements indicate that the completion of the spin-off is still subject to SEC review.

International Paper announced that its subsidiary, Sylvamo Corporation, plans to offer $500 million in senior unsecured notes due 2029. This offering is part of the spin-off of International Paper's printing papers business. The notes will be guaranteed by International Paper before the spin-off's effective date, with proceeds used to make a special payment to International Paper. The offering is private, exempt from registration under the Securities Act, aimed at qualified institutional buyers and non-U.S. persons.

International Paper (NYSE: IP) announced the completion of the sale of its Kwidzyn pulp and paper mill to Mayr-Melnhof Group, as previously disclosed. The Kwidzyn facility, which has about 2,300 employees, boasts an annual production capacity of 740,000 metric tons across various products, including folding boxboard and specialty kraft papers. This strategic divestiture aligns with International Paper's focus on its core operations and enables greater flexibility. The company continues to be a top producer of renewable fiber-based packaging and paper products globally.

International Paper reported solid second quarter 2021 earnings of $432 million ($1.09 per diluted share), up from $349 million in Q1 2021 and $266 million in Q2 2020. Adjusted operating earnings reached $421 million ($1.06 per share), while cash from operations totaled $766 million. The company reduced debt by $796 million and repurchased shares worth $57 million year-to-date. The spin-off of the papers business is expected to complete by October 1. Despite challenges in the supply chain, demand remains strong, and revenue grew to $5.6 billion.

International Paper (NYSE: IP) declared a quarterly dividend of $0.5125 per share for the period from July 1, 2021 to September 30, 2021. This dividend, payable on September 15, 2021, is for shareholders on record by August 16, 2021. Additionally, a regular quarterly dividend of $1.00 per share was announced for its cumulative preferred stock during the same period, also payable on September 15, 2021. International Paper is a leading producer of renewable fiber-based packaging and paper products with net sales of $21 billion in 2020.

International Paper has been recognized as one of the 2021 Best Places to Work in IT by IDG's Insider Pro and Computerworld, marking its twelfth consecutive year on the list. Rankings were based on extensive surveys and a comprehensive questionnaire regarding benefits, career development, and worker satisfaction. With 1,400 IT professionals supporting 48,000 global staff, the company's commitment to excellence during the pandemic was highlighted by VP Bob Wenker. International Paper reported net sales of $21 billion in 2020 and operates in various regions around the globe.

International Paper (NYSE: IP) is set to release its second-quarter earnings on July 29, 2021, before the market opens. A webcast to discuss earnings and market conditions will start at 10 a.m. ET. Interested participants can join via the company’s website or by teleconference. The company, based in Memphis, Tenn., is a leading producer of renewable fiber-based packaging and paper products with net sales of $21 billion in 2020. The event will allow stakeholders to gain insights into the company’s performance and outlook.