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    International Paper Co (IP)

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    International Paper (IP) is a global producer of renewable fiber-based packaging and pulp products, with operations spanning North America, Latin America, Europe, and North Africa . The company primarily operates in two business segments: Industrial Packaging and Global Cellulose Fibers . They sell fiber-based packaging solutions and cellulose fibers used in various products, including diapers, towels, and personal care items .

    1. Industrial Packaging - Creates fiber-based packaging solutions, including linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft. A significant portion of production is converted into corrugated packaging and other packaging products, with operations mainly in North America and EMEA.

    2. Global Cellulose Fibers - Produces cellulose fibers for products such as diapers, towels, tissue products, and other personal care items. Also includes specialty pulps for textiles and construction materials.

    NamePositionExternal RolesShort Bio

    Mark S. Sutton

    ExecutiveBoard

    Chairman of the Board and Chief Executive Officer

    Board Member at The Kroger Company; Member of The Business Council, Business Roundtable, American Forest & Paper Association, Memphis Tomorrow, and LSU Foundation

    Joined IP in 1984; CEO since 2014; Chairman since 2015; extensive leadership experience across multiple roles at IP.

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    Aimee Gregg

    Executive

    Senior Vice President, Supply Chain and Information Technology

    None

    Joined IP in 2002; previously VP and General Manager of Containerboard and Recycling; now leads supply chain and IT functions.

    Allison B. Magness

    Executive

    Senior Vice President, Manufacturing and Environmental Health and Safety (EHS)

    None

    Joined IP in 2000; held leadership roles in manufacturing and technical services; now oversees manufacturing and EHS.

    Clay R. Ellis

    Executive

    Senior Vice President - Global Cellulose Fibers and IP Asia

    None

    Joined IP in 1992; held leadership roles in manufacturing, engineering, and commercial operations; currently leads the Global Cellulose Fibers business.

    Joseph R. Saab

    Executive

    Senior Vice President, General Counsel, and Corporate Secretary

    None

    Joined IP in 2001; previously Deputy General Counsel and Assistant Corporate Secretary; now leads legal and corporate governance functions.

    Ksenia N. Sosnina

    Executive

    Senior Vice President, Europe, Middle East & Africa (EMEA)

    None

    Joined IP in 2013; previously CEO of Ilim Group; now leads IP's EMEA operations.

    Timothy S. Nicholls

    Executive

    Senior Vice President and Chief Financial Officer

    None

    Joined IP in 1999; held various senior leadership roles, including CFO (2007-2011) and SVP of Industrial Packaging.

    W. Thomas Hamic

    Executive

    Executive Vice President and President of North American Packaging Solutions

    None

    Joined IP in 1991; held various leadership roles, including SVP of North American Container and Chief Commercial Officer.

    Ahmet C. Dorduncu

    Board

    Board Member

    Chair of the Turkish Network of the United Nations Global Compact

    Former CEO of Akkök Group and Sabanci Holding; brings international manufacturing and industrial packaging expertise.

    Anders Gustafsson

    Board

    Board Member

    Board Member at Zebra Technologies; Board Member at NetApp; Trustee at Shedd Aquarium

    Former CEO and current Executive Chairman of Zebra Technologies; brings technology and global business expertise.

    Anton V. Vincent

    Board

    Board Member

    President of Mars Wrigley North America

    Extensive leadership experience in consumer goods and branding; currently leads Mars Wrigley North America.

    Christopher M. Connor

    Board

    Board Member

    Board Member at Yum! Brands, Inc.; Board Member at Rock & Roll Hall of Fame

    Retired Executive Chairman of Sherwin-Williams; brings extensive global manufacturing and financial expertise.

    David Robbie

    Board

    Board Member

    Non-Executive Director at easyJet plc; Trustee at Britten Pears Arts

    Former Group Finance Director of Rexam PLC; expertise in finance and international corporate governance.

    Jacqueline C. Hinman

    Board

    Board Member

    Board Member at Dow Inc.; Former Board Member at AECOM and Catalyst

    Former Chairman and CEO of CH2M HILL; expertise in sustainability, infrastructure, and strategic planning.

    Jamie A. Beggs

    Board

    Board Member

    None

    Former CFO of Avient Corporation; expertise in finance, investor relations, and corporate strategy.

    Kathryn D. Sullivan

    Board

    Board Member

    Board Member at Accenture Federal Services; Advisory Board Member at Terra Alpha Investments

    Former NASA astronaut and NOAA Administrator; expertise in sustainability, science, and public policy.

    Ray G. Young

    Board

    Board Member

    Board Member at Hormel Foods Corporation; Board Member at American Cancer Society Illinois Division

    Retired Vice Chairman and CFO of ADM; brings financial and strategic expertise.

    Scott A. Tozier

    Board

    Board Member

    Strategic Advisor at Albemarle Corporation

    Former CFO of Albemarle Corporation; expertise in financial management, M&A, and sustainability.

    1. Given the history of underinvestment leading to cost problems and loss of market share, can you provide specific timelines and milestones for your planned investments to improve reliability and regain market share?
    2. You mentioned adopting the 80/20 operating system to drive superior results; what specific measurable targets have you set, and how will this approach address the previous challenges that the company faced?
    3. With packaging volumes continuing to lag the overall market and expected to decline in the near term, what concrete steps are you taking to reverse this trend and prevent further volume losses?
    4. Over the past decade, significant capital was allocated to dividends and share repurchases without generating the expected returns; how will your future capital allocation strategy differ to ensure value creation for shareholders?
    5. Regarding the DS Smith acquisition, how do you plan to integrate their operations effectively without adding unnecessary complexity, and what specific synergies do you expect to achieve from this acquisition?
    Program DetailsProgram 1
    Approval DateOctober 11, 2022
    End Date/DurationNo expiration date
    Total additional amount$3.35 billion
    Remaining authorization$2.96 billion (as of 2024-12-21)
    DetailsPart of capital allocation framework for long-term value creation
    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP2002 PresentCurrent auditor

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    DS Smith plc

    2025

    Deal Value and Structure: The acquisition was completed on January 31, 2025 via an all‐share combination, with shareholders receiving 0.1285 new shares for each DS Smith share, resulting in approximately 179,847,780 new shares issued. Strategic Rationale: It creates a global leader in sustainable packaging with expected synergies of at least $514 million and EPS accretive outcomes, despite regulatory conditions requiring divestments in France, Portugal, and Spain.

    Two box plants in Spain

    2021

    Deal Value and Structure: Completed on April 1, 2021 for approximately €71–€72 million, the transaction involved acquiring assets worth €100 million (including €38 million for plants, properties, and equipment, plus €30 million in goodwill and €14 million in intangibles) while assuming €17 million of liabilities. Strategic Rationale: This acquisition enhances International Paper’s presence and commercial capabilities in Southern Europe, particularly in the Iberian Peninsula, while supporting integration with its Madrid mill.

    Recent press releases and 8-K filings for IP.

    International Paper Announces European Plant Divestiture (Q2 2025)
    IP
    M&A
    • International Paper has entered exclusive negotiations with PALM Group of Germany to divest five European corrugated box plants as part of regulatory remedies linked to its acquisition of DS Smith Plc.
    • The divestiture targets plants located in France, Portugal, and Spain – including three in Normandy (France), one in Ovar (Portugal), and one in Bilbao (Spain).
    • The transaction is expected to close by the end of the second quarter of 2025.
    Apr 14, 2025, 11:00 AM
    International Paper Outlines Transformation Path with DS Smith Integration
    IP
    M&A
    Guidance Update
    New Projects/Investments
    • Transformation Focus: The leadership emphasized a comprehensive transformation to position International Paper as the global leader in sustainable packaging, leveraging an 80/20 approach to drive cost discipline and margin improvement.
    • EBITDA Targets: The company set ambitious financial targets, aiming for $3.5–$4 billion EBITDA in 2025 and progressing to $6 billion EBITDA by 2027.
    • DS Smith Integration: Key strategic actions include integrating DS Smith operations in North America and Europe, with specific focus on cost synergies, operational efficiencies, and leveraging combined scale to enhance customer service.
    • Innovation and Cost Efficiency: The call highlighted significant initiatives in customer-centric innovation, improved cost models at both box plant and mill levels, and targeted capital investments to support long-term growth.
    Mar 25, 2025, 1:01 PM
    International Paper Investor Day 2025 Update
    IP
    M&A
    New Projects/Investments
    Revenue Acceleration/Inflection
    • The event detailed the company's 80/20 performance system to streamline operations, drive cost reductions, and improve productivity through initiatives such as box plant optimization and footprint rationalization (e.g., closing 7 plants to date).
    • The DS Smith acquisition update highlighted softer near-term market conditions with lower 2025 expectations but maintained a focus on synergies, moving from an initial target of $514M to an updated range of $600M–$700M.
    • Forward-looking guidance was provided with key performance targets, including net sales of $26B–$28B, adjusted EBITDA of $5.5B–$6.0B, and free cash flow of $2.0B–$2.5B by 2027, aimed at enhancing shareholder value.
    Mar 25, 2025, 1:00 PM
    International Paper to Host Investor Day on March 25, 2025
    IP
    M&A
    • International Paper is hosting an Investor Day on March 25, 2025 at 9:00 AM ET in New York City to discuss strategic plans and provide updates on its DS Smith acquisition.
    • The event will feature presentations, panel discussions, and a live Q&A session with CEO Andy Silvernail and other executives, with a webcast available live and in replay.
    Mar 25, 2025, 12:00 AM
    International Paper Becomes Guarantor for DS Smith Notes
    IP
    Debt Issuance
    • International Paper Co. announced that it has become the guarantor for DS Smith Limited’s note obligations, covering multiple series including the 2026, 2027, 2029, and 2030 Notes.
    • The guarantee was executed as part of DS Smith’s consent solicitation process for key amendments to the note terms, effective March 10, 2025, to enhance operational flexibility.
    Mar 11, 2025, 12:00 AM