# EDGAR Filing Document

**Accession Number:** 0000051434
**File Stem:** 0000051434-25-000059
**Filing Date:** 2025-8
**Character Count:** 24077
**Document Hash:** 3b2aedd7f0abd7688bd17730e509fe5b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000051434-25-000059.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0000051434-25-000059

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250820

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Cost Associated with Exit or Disposal Activities

**ITEM INFORMATION**: Material Impairments

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INTERNATIONAL PAPER CO /NEW/
- **CENTRAL INDEX KEY:** 0000051434
- **STANDARD INDUSTRIAL CLASSIFICATION:** PAPER MILLS [2621]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 130872805
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-03157
- **FILM NUMBER:** 251238560

**BUSINESS ADDRESS:**
- **STREET 1:** 6400 POPLAR AVENUE
- **CITY:** MEMPHIS
- **STATE:** TN
- **ZIP:** 38197
- **BUSINESS PHONE:** 901-419-7000

**MAIL ADDRESS:**
- **STREET 1:** 6400 POPLAR AVENUE
- **CITY:** MEMPHIS
- **STATE:** TN
- **ZIP:** 38197

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INTERNATIONAL PAPER & POWER CORP
- **DATE OF NAME CHANGE:** 19710527

?xml version='1.0' encoding='ASCII'? ip-20250820

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d)**

**of The Securities Exchange Act of 1934**

**Date of Report (date of earliest event reported): August 20, 2025**

**International Paper Company** 

**(Exact name of registrant as specified in its charter)**

**Commission file number 1-3157** 

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| | |
|:---|:---|
| **New York** | **13-0872805** |
| **(State or other jurisdiction**<br>**of incorporation)** | **(I.R.S. Employer**<br>**Identification No.)** |
| **6400 Poplar Avenue, Memphis, Tennessee** | **38197** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (901) 419-9000** 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common Stock, $1 per share par value** | **IP** | **New York Stock Exchange** |
| **Common Stock, $1 per share par value** | **IPC** | **London Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 1.01. Entry into a Material Definitive Agreement**

On August 20, 2025, International Paper Company, a New York corporation (the "Company"), International Paper Holdings (Luxembourg) S.à r.l., private limited liability company (*société à responsabilité limitée*) organized and existing under the laws of the Grand Duchy of Luxembourg ("IP Lux Holdings"), English Oak, LLC, a Delaware limited liability company ("English Oak," and together with the Company and IP Lux Holdings, the "Sellers"), Absorbent Fiber Topco, Inc., a Delaware corporation ("Parent"), Absorbent Fiber Bidco, Inc., a Delaware corporation and an indirect wholly owned subsidiary of Parent ("Paper Acquisition US") and Absorbent Fiber Acquisitions Canada, Ltd., an Alberta corporation and a direct wholly owned subsidiary of Paper Acquisition US ("Paper Acquisition Canada," and together with Paper Acquisition US, collectively, "Buyer"), entered into a Securities Purchase Agreement (the "Sale Agreement"), pursuant to which, among other things, the Sellers will sell to Buyer all of the issued and outstanding equity interests of GCF US Holdings LLC, a Delaware limited liability company, GCF (Asia) Limited, a Hong Kong limited company, International Paper Cellulose Fibers (Poland) sp. z o.o., a limited liability company (*spółka z ograniczoną odpowiedzialnością*) organized and existing under the laws of the Republic of Poland and International Paper Canada Pulp Holdings ULC, an unlimited liability corporation organized under the laws of the Province of Alberta, which entities represent all of the Company's Global Cellulose Fibers ("GCF") business (the "Transaction").

Pursuant to the Sale Agreement, Buyer will acquire the Company's GCF business for a purchase price of $1.5 billion, which is subject to certain closing adjustments, and includes the issuance by Parent to the Company of preferred stock of Parent with an aggregate initial liquidation preference of $190 million.

The consummation of the Transaction is subject to customary closing conditions, including, among others, the receipt of approvals or the expiration or termination of applicable waiting or review periods under applicable competition laws, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended and approval under the Competition Act (Canada) (the "Competition Approvals").

The Sale Agreement also contains customary representations, warranties and covenants by the Sellers and Buyer. The Sellers have also agreed to use reasonable best efforts to provide customary cooperation with respect to Buyer's debt financing arrangements.

If the Transaction has not closed by February 20, 2026 (the "End Date"), either the Sellers or Buyer may terminate the Sale Agreement. However, if the closing has not occurred because the Competition Approvals have not been received, and all other conditions to closing have been satisfied (other than those conditions that by their terms are to be satisfied at the closing, each of which is capable of being satisfied at closing) or waived, the End Date will be extended to May 20, 2026.

The Sale Agreement contains certain additional termination rights for the Sellers and Buyer and further provides that, upon termination of the Sale Agreement under specified circumstances, Buyer will be required to pay to the Company a termination fee of $85 million.

The foregoing description of the Sale Agreement does not purport to be complete, and is qualified in its entirety by reference to the full text of the Sale Agreement, a copy of which will be filed with the Company's Form 10-Q for the quarter ended September 30, 2025.

The representations, warranties, covenants and agreements made by the parties in the Sale Agreement were made only for purposes of such agreement and are made as of specific dates. The assertions embodied in those representations and warranties were made for purposes of the Sale Agreement and are subject to qualifications and limitations agreed to by the respective parties in connection with negotiating the terms of the Sale Agreement. In addition, certain representations and warranties may be subject to a contractual standard of materiality different from what might be viewed as material to holders of the Company's securities or may have been used for the purpose of allocating risk between the respective parties rather than establishing matters as facts.

**Item 2.05 Costs Associated with Exit or Disposal Activities.** 

In connection with the Transaction, on August 20, 2025, the Company determined that it expects to incur a non-cash impairment charge between approximately $700 million and $900 million, as a result of the sale price compared to the estimate of the current net asset value of the GCF business. The Company expects that the non-cash impairment charge will be recorded in the quarter ending September 30, 2025. The GCF business will be classified as held for sale in the balance sheet as of September 30, 2025, and the current and historical operating results of the GCF business will be treated as a discontinued operation, including the impairment charge recognized in the quarter ending September 30, 2025. The estimated non-cash impairment charge reflects the Company's best estimate as of the date of this Current Report on Form 8-K; however, the

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Company continues to evaluate the amount of the impairment, and the non-cash impairment charge recorded in the quarter ending September 30, 2025 could differ from the Company's preliminary estimate.

**Item 2.06 Material Impairments.** 

The information disclosed in Item 2.05 of this Current Report on Form 8-K is incorporated by reference into this Item 2.06.

**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensatory Arrangements of Certain Officers.**

In connection with the Transaction, Clayton R. Ellis, Senior Vice President – Global Cellulose Fibers, is expected to depart the Company effective as of the closing of the Transaction and to assume a position at the GCF business.

**Forward-Looking Statements**

Certain statements in this Current Report on Form 8-K that are not historical in nature may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified by the use of forward-looking or conditional words such as "expects," "anticipates," "believes," "estimates," "could," "should," "can," "forecast," "outlook," "intend," "look," "may," "will," "remain," "confident," "commit" and "plan" or similar expressions. These statements are not guarantees of future performance and reflect management's current views and speak only as to the dates the statements are made and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Factors which could cause actual results to differ include, among others, those discussed under "Risk Factors" in our most recent SEC filed quarterly or annual report, the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the Sale Agreement; the outcome of any legal proceedings that may be instituted against the parties to the Transaction; the failure to obtain necessary regulatory approvals; the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the value of asset impairment charges arising from or in connection with the Transaction; diversion of management's attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Transaction; the ability of the parties to consummate the Transaction and the other transactions contemplated by the Sale Agreement and the timing of such transactions; global economic conditions and political changes; and other factors that may affect future results of the Company. Furthermore, such forward-looking statements speak only as of the date of this report. Except as required by law, the parties undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. Risks or uncertainties (i) that are not currently known to the parties, (ii) that the parties currently deem to be immaterial, or (iii) that could apply to any company, could also materially adversely affect the future results of the Company.

**Item 7.01 Regulation FD Disclosure**

On August 21, 2025, the Company issued a press release announcing the signing of the Sale Agreement. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.

The information furnished pursuant to this Item 7.01, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Exhibits*.

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 99.1 | <u>[Press Release dated August](ex991bluebellribbonpr11.htm)[2](ex991bluebellribbonpr11.htm)[1](ex991bluebellribbonpr11.htm)[,](ex991bluebellribbonpr11.htm)</u><u>[2025.](ex991bluebellribbonpr11.htm)</u> |
| 104 | The cover page from this Current Report on Form 8-K, formatted as inline XBRL. |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| | | **International Paper Company** | **International Paper Company** |
| Date: | 8/21/2025 | By: | /s/ Joseph R. Saab |
|  |  | Name: | Joseph R. Saab |
|  |  | Title: | Senior Vice President, General Counsel and Corporate Secretary |

---

## Exhibit 99.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 99.1

**News Release**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**International Paper Announces Strategic Changes**

*IP to Sell Global Cellulose Fibers Business to American Industrial Partners*

<br> *Other changes include a $250 Million Investment in the Riverdale Mill in Selma, Ala. and the Closure of Riceboro Mill, Savannah Mill and Savannah Box Plant* 

MEMPHIS, Tenn. – August 21, 2025 – International Paper (NYSE: IP; LSE: IPC), a global leader in sustainable packaging solutions, today announced a series of strategic changes to achieve an advantaged cost position, deliver a superior customer experience and maintain a high relative supply position as part of its ongoing transformation journey.

***Agreement to Sell Global Cellulose Fibers Business***

International Paper has reached a definitive agreement with American Industrial Partners (AIP) to sell its Global Cellulose Fibers (GCF) business for $1.5 billion, subject to closing adjustments, including the issuance of preferred stock with an aggregate initial liquidation preference of $190 million. The Company previously announced the decision to review strategic alternatives for its GCF business last fall, as part of the Company's strategy to focus on sustainable packaging solutions. The transaction is expected to close by the end of the year, subject to regulatory approvals.

"GCF is a strong business, and I'm pleased to see it transitioning to AIP, which is focused on investing in and growing industrial businesses," said IP Chief Executive Officer Andy Silvernail. "Over the past few months, GCF has done the hard work of aligning resources with its most strategic customers, implementing an 80/20 mindset, and creating a simplified and focused portfolio. These actions, combined with its talented and committed team made it an attractive investment for AIP to enter the pulp market and have positioned GCF for long-term success under new ownership."

"GCF is well-positioned for future growth, supported by its large and sustainable wood basket, durable end markets, industry leading quality and innovation, long-term customer relationships, deeply knowledgeable employees, and well-invested facilities," said Rick Hoffman, Partner at AIP. "We look forward to partnering with GCF Senior Vice President Clay Ellis and the rest of the talented and tenured management team to implement their growth vision."

The GCF business creates safe, high-quality pulp for a wide range of applications like towel and tissue products, diapers, feminine care, incontinence and other personal care products that promote health and wellness. In addition, its specialty pulp serves as a sustainable raw

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 99.1

material used in construction materials, paints, coatings and more. GCF generated $2.8 billion in revenue in 2024 and has 3,300 employees globally, with nine manufacturing facilities and eight regional offices.

***Strategic changes to Packaging Solutions business in North America***

International Paper's packaging business in North America has initiated a number of actions to enhance its ability to serve and grow with customers while improving its manufacturing footprint, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment of $250 million to convert the #16 machine at the Riverdale mill in Selma, Ala. to produce containerboard

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The permanent closure of the Savannah, Ga. containerboard mill, the Savannah, Ga. packaging facility, and the Riceboro, Ga. containerboard mill and Riceboro, Ga. timber and lumber mills

These changes will impact approximately 1,100 hourly and salaried positions. International Paper is committed to providing severance packages and outplacement assistance to support employees during this transition.

"We understand how deeply these decisions affect our employees, their loved ones, and the surrounding communities," said Tom Hamic, Executive Vice President and President of International Paper's Packaging Solutions business in North America. "We are committed to supporting both our employees and customers as we navigate this transition."

"While difficult, these decisions are essential to positioning International Paper for long-term success, enabling us to focus on the geographies, customers, and products where we can create the most value," Hamic added. "Our investment in the Riverdale mill reflects our commitment to delivering high-quality, reliable service while strengthening our advantaged cost position."

The Riverdale conversion is expected to be complete by the third quarter of 2026. The Riceboro and Savannah mills will shut down in phases by the end of September 2025, and the Savannah packaging facility will also cease operations by the end of September. These combined changes will result in a net reduction of the company's annual containerboard capacity by approximately one million tons.

**About International Paper** 

International Paper (NYSE: IP; LSE: IPC) is the global leader in sustainable packaging solutions. With company headquarters in Memphis, Tennessee, USA, and EMEA (Europe, Middle East and Africa) headquarters in London, UK, we employ more than 65,000 team members and serve customers around the world with operations in more than 30 countries. Together with our customers, we make the world safer and more productive, one sustainable packaging solution at a time. Net sales for 2024 were $18.6 billion. In 2025, International Paper acquired DS Smith creating an industry leader focused on the attractive and growing North American and EMEA regions. Additional information can be found by visiting www.internationalpaper.com.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 99.1

Morgan Stanley & Co. LLC acted as financial advisors, and Debevoise & Plimpton LLP and McCarthy Tétrault LLP acted as legal advisors to International Paper for the sale of the Global Cellulose Fibers business.

**Forward-Looking Statements** 

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are not guarantees of future performance and reflect management's current expectations and beliefs regarding the divestiture of its Global Cellulose Fibers business, our closures and associated headcount reduction as well as anticipated expense reductions, the expected amount of certain pre-tax charges and the anticipated timing of such pre-tax charges, our 80/20 strategic approach and are subject to certain risks and uncertainties that could cause actual results and the timing of events to differ materially from those expressed or implied. Factors which could cause actual results to differ include, among others, the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the sale agreement; the outcome of any legal proceedings that may be instituted against the parties to the transaction; the failure to obtain necessary regulatory approvals; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the value of asset impairment charges arising from or in connection with the transaction; diversion of management's attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; the ability of the parties to consummate the Transaction and the other transactions contemplated by the Sale Agreement and the timing of such transactions; industry, global, economic and other conditions and political changes, as well as other factors, that could affect the mill closures including the amount of such pre-tax charges and the timing of such pre-tax charges. Additional risks and uncertainties are discussed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission ("SEC") on February 21, 2025, and subsequent reports filed with the SEC. The Company undertakes no obligation to update any forward-looking statements contained in this press release, whether as a result of new information, future events or changes in expectations.

**Contacts:**

Media: newsroom@ipaper.com

Investors: Mandi Gilliland, 901-419-4595 and Michele Vargas, 901-419-7287

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