International Paper has entered into an agreement to sell its 90.38% ownership interest in Olmuksan International Paper to Mondi Group for approximately €66 million. The Olmuksan business includes corrugated packaging facilities in Turkey with an approximate annual revenue of TRY1,093 million (€150 million). The transaction is expected to close in the first half of 2021, subject to certain closing conditions and regulatory approvals. This action is in line with International Paper's strategy to serve markets from an advantaged position. Corrugated packaging remains a strategic business for International Paper in EMEA.

Packaging Corporation of America reported second quarter 2023 net income of $203 million, or $2.24 per share, and net income of $209 million, or $2.31 per share, excluding special items. Second quarter net sales were $2.0 billion in 2023 and $2.2 billion in 2022. Reported earnings in the second quarter of 2023 include special items for certain costs at the Jackson, AL mill for paper-to-containerboard conversion related activities and closure costs related to corrugated products facilities and design centers.

International Paper announced Thursday it plans to split into two independent, publicly traded companies based on geography, following its acquisition of U.K.-based DS Smith in January 2025. Going forward, IP would be comprised of the current North American business, which includes legacy assets from both IP and DS Smith. The Europe, Middle East and Africa business would include legacy assets from both companies in that region. IP’s current EMEA business operates in 30 countries across the region. IP expects to complete the spinoff in the next 12 to 15 months, pending board and regulatory approvals in both the United States and United Kingdom.