International Paper Company (IP) to Shut Down Five UK Locations, Cut 300 Jobs

International Paper Company (NYSE:IP) has announced plans to close five of its UK facilities, putting roughly 300 jobs at risk. The decision comes shortly after its £5.8 billion acquisition of UK-based competitor DS Smith and amid a challenging business climate.

International Paper Company (IP) to Shut Down Five UK Locations, Cut 300 Jobs

With a global workforce of around 65,000 across more than 30 countries, International Paper Company (NYSE:IP) specializes in sustainable packaging and paper products. It said the closures are part of a broader effort to improve efficiency and better respond to shifting customer needs in a difficult trading environment.

A strategic review of its UK operations prompted the planned shutdowns, although the specific sites have not yet been named.

In addition to the closures, International Paper Company (NYSE:IP) plans to move one facility, scale back operations at another from seven days to five, and make small staff reductions at two more sites.

In total, about 300 positions are expected to be affected by the end of the year. International Paper Company (NYSE:IP) said it is currently in consultation with employees and trade unions.

IP has surged by nearly 5% in the past 12 months.

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