International Paper to Divest Five European Plants to PALM Group in Deal Linked to DS Smith Acquisition
International Paper (NYSE: IP, LSE: IPC) (“IP”) today announced that the company has entered into exclusive negotiations with PALM Group of Germany after receiving an irrevocable offer for the purchase of five corrugated box plants in Europe: (I) three plants in Normandy, France (namely, one box plant in Saint-Amand, one box plant in Mortagne, and one sheet plant in Cabourg); (II) one box plant in Ovar, Portugal; and (III) one box plant in Bilbao, Spain.
Upon completion of the required French works council consultation and/or employee information processes, the parties expect to enter into a definitive share purchase agreement. The closing is expected by the end of the second quarter of 2025. “Finding the right buyer for these five facilities has been a top priority for our team since the completion of the acquisition of DS Smith, and I’m pleased that we have found one in PALM,” said International Paper Chairman and CEO Andy Silvernail.
“We are grateful for the many contributions the team members at these five plants have made to the company and know they will continue to be successful and deliver value with their new owners.” The sale of these plants was agreed to with the European Commission as a remedy for IP’s acquisition of DS Smith Plc, as published on the Commission’s website on January 24, 2025. The conclusion of the divestment is subject to the European Commission’s approval of the proposed purchaser.
As a result of this disposal, IP will have satisfied all of its obligations towards the European Commission in connection with the acquisition of DS Smith Plc.
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.
About PALM
PALM is a family-owned company with its headquarter in Aalen (Germany). We are one of the leading European producers of containerboard, graphic paper and corrugated packaging. We operate 5 paper mills and 29 corrugated box plants. In 2024, our 4,200 employees achieved a turnover of €2 billion. We continually strive to serve our customers with our high product quality, reliable service and sustainable production processes.
