09:31 AM EDT, 08/21/2025 (MT Newswires) -- International Paper ( IP ) said Thursday it has agreed to sell its global cellulose fibers unit to American Industrial Partners for $1.5 billion, including $190 million in preferred stock.

The deal is expected to close by the end of 2025, subject to regulatory approvals, the company said.

International Paper ( IP ) said it will permanently close its containerboard mill and packaging facility in Savannah, Georgia as well as Riceboro Timber and Lumber and a containerboard mill in Riceboro, Georgia. The closure will impact about 1,100 workers, the company said.

The company also said it will invest $250 million to convert a machine to produce containerboard at its Riverdale mill in Selma, Alabama.

Shares of the company were up 2% in early trading.

Price: 47.96, Change: +0.94, Percent Change: +2.00