International Paper has recently announced the completion of the spin-off of its global printing papers business, now operating as Sylvamo Corporation. Each International Paper shareholder received one share of Sylvamo common stock for every eleven shares of International Paper common stock held on registration date. International Paper continues to own approximately 19.9% of the outstanding shares of Sylvamo common stock.
«The spin-off enhances the strategic flexibility and focus for long-term success and value creation at both companies. International Paper is now a highly-advantaged, corrugated packaging-focused company, well-positioned to grow earnings and cash generation» explains Mark Sutton, president and CEO.