WASHINGTON (dpa-AFX) - International Paper (IP) Thursday announced the closure of 4 facilities in the US and that would impact 674 jobs.
The critical step is to streamline IP's footprint and to transform to a sustainable packaging solutions company.
Currently, shares are gaining 1.89 percent at 55.63 on a volume of 3775,813
The company said the Red River containerboard mill in Campti, Los Angeles, recycling plant in Phoenix, Arizona, box plant in Hazleton, Pennylsvania, and sheet feeder facility in St. Louis, Missouri will cease operations by the end of April 2025.
The Red River containerboard mill closure is expected to reduce the company's containerboard capacity by approximately 800,000 tons on an annualized basis. In total, 495 hourly employees and 179 salaried employees will be affected.
The company said it will work to minimize the impact on employees by using attrition, retirements and current vacancies.
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