May 23 (Reuters) - International Paper ( IP ) said on

Friday it will close five packaging sites in Britain, cutting

around 300 jobs, citing tough industry conditions.

The U.S.-based company, which closed its $7.2 billion

acquisition UK paper and packing peer DS Smith earlier this

year, said a consultation process with employees and unions is

ongoing.

As part of a strategic review by its UK business, the group

is also proposing to relocate one site, move another site to a

five-day round-the-clock operation from a seven-day operation,

and lay off a "small" number of job cuts at two other packaging

sites, it said.

The company did not provide further details on the

proposals and did not say which UK sites were impacted.

International Paper ( IP ) said it expects the proposals would

be implemented by the end of this year.