Overview
- International Paper will spin off its combined EMEA packaging business to shareholders while retaining a meaningful ownership stake.
- The new EMEA company is expected to list on both the London Stock Exchange and the New York Stock Exchange.
- Completion is targeted within 12–15 months, subject to final board approval and regulatory filings in the U.S. and U.K.
- Leadership is set with Andy Silvernail continuing as International Paper CEO, Tim Nicholls leading the EMEA company, and David Robbie expected as chair.
- Shares rose about 5% in premarket trading after the announcement, and the company named Jefferies, Evercore and Wachtell as advisors.