International Paper announces UK site closures and job cuts
International Paper, a US-based sustainable packaging solutions provider, has announced the closure of five of its UK packaging sites, leading to a loss of around 300 jobs, reported Reuters.
The company, which recently completed a $7.2bn acquisition of British paper and packaging company DS Smith, is currently undergoing a consultation process with employees and unions.
The closures are part of a strategic review of International Paper's UK operations.
The company is also considering relocating one site, transitioning another to a five-day continuous operation from a seven-day schedule, and implementing a small number of redundancies at two additional packaging locations.
Specific details about which UK sites are affected have not been disclosed.
International Paper anticipates that these changes will be finalised by the end of the year.
Earlier in the month, the company announced a quarterly dividend of $0.4625 per share for the period from 1 April to 30 June 2025, to be paid on 13 June 2025 to shareholders on record as of 23 May 2025.
Headquartered in Memphis, Tennessee, International Paper employs over 65,000 individuals globally and operates in more than 30 countries. The company's EMEA headquarters are located in London.
The company's net sales in 2024 reached $18.6bn. The acquisition of the UK competitor DS Smith in 2025 has positioned International Paper as a frontrunner in the North American and EMEA packaging markets.
Earlier in the month, International Paper announced its intention to restructure its activities within the Rio Grande Valley area, aiming to enhance service to its customers. As a component of its strategic growth initiative, the firm will repurpose its sheet plant located in Edinburg, US, converting it into a storage and distribution centre.
"International Paper announces UK site closures and job cuts" was originally created and published by Packaging Gateway, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
15 minutes ago
- Yahoo
Oil prices slip as rising OPEC+ output, tariff fears weigh on outlook
By Yuka Obayashi TOKYO (Reuters) - Oil prices edged lower in early Asian trade on Wednesday, weighed down by a loosening supply-demand balance following increasing OPEC+ output and lingering concerns over the global economic outlook due to tariff tensions. Brent crude futures dipped 5 cents, or 0.1%, to $65.58 a barrel by 0040 GMT while U.S. West Texas Intermediate crude was at $63.32 a barrel, down 9 cents, or 0.1%. Both benchmarks climbed about 2% on Tuesday to a two-week high, supported by worries over supply disruptions from Canadian wildfires and expectations that Iran will reject a U.S. nuclear deal proposal that is key to easing sanctions on the major oil producer. "Despite fears over Canadian supply and stalled Iran-U.S. nuclear talks, oil markets are struggling to extend gains," said Tsuyoshi Ueno, senior economist at NLI Research Institute, adding that OPEC+ production increases were capping the upside. Ueno said hopes for progress in U.S.-China trade talks were overshadowed by profit-taking, as investors remained cautious over the broader economic fallout from tariffs. U.S. President Donald Trump and Chinese leader Xi Jinping will likely speak this week, White House press secretary Karoline Leavitt said on Monday, days after Trump accused China of violating an agreement to roll back tariffs and trade restrictions. As the Trump administration pressed U.S. trading partners to provide their best offers by Wednesday, the protracted negotiations and moving deadlines have led economists to scale back growth forecasts. On Tuesday, the Organisation for Economic Co-operation and Development (OECD) cut its global growth forecast as the fallout from Trump's trade war takes a bigger toll on the U.S. economy. Meanwhile, scores of wildfires have swept across Canada since the start of May, forcing thousands of evacuations and disrupting crude oil production in the country. U.S. crude stocks fell by 3.3 million barrels in the week ended May 30, market sources said, citing American Petroleum Institute figures on Tuesday. Gasoline inventories rose by 4.7 million barrels and distillate stocks rose by about 760,000 barrels. [API/S] A Reuters poll of nine analysts estimated an average draw of 1 million barrels in crude stocks. [EIA/S] Official inventory data from the U.S. Energy Information Administration (EIA) is due on Wednesday.
Miami Herald
30 minutes ago
- Miami Herald
Major healthcare business files for Chapter 11 bankruptcy
Biotechnology companies often encounter common challenges of long timelines for developing their products, the high costs associated with creating their innovations, and regulatory problems that must be solved to bring their inventions to market. Companies will amass huge amounts of debt over the years that's needed to develop medical devices, drugs, and other products, which can lead to financial distress and sometimes bankruptcy filings. Don't miss the move: Subscribe to TheStreet's free daily newsletter Over a 12-year period from 2011 through 2022, biotech firms filed fewer than 10 bankruptcies each year, but that changed beginning in 2023. Related: Key healthcare company files for Chapter 11 bankruptcy Biotech firms filed 14 cases in 2023, which was the highest number since 2010, when 14 firms filed for bankruptcy. Companies filed 13 petitions in 2024. Economic issues common to all businesses, such as rising costs of labor and products driven by inflation and rising inflation, played a role in distress over the last two years. AmplifyBio, which develops next-generation vaccines, medicine, and therapeutics, filed for Chapter 11 protection on May 17, 2025, seeking to sell all of its assets and liquidate through the bankruptcy process. The debtor's largest creditors included certain shareholders, including Battelle Services Co., owed $3.25 million; Battelle Memorial Institute, owed $1.89 million; and Kavra 14 LLC, owed $1.8 million. Distressed biotechnology company Synthego Corp. filed for Chapter 11 bankruptcy protection on May 5, seeking to sell its assets to its prepetition lender Perceptive Credit Holdings III L.P. in a bankruptcy sale with a stalking-horse bid calling for a credit bid of $74.4 million of debt owed to the lender, as well as a $12.5 million DIP financing. Austin, Texas-based biotechnology company Molecular Templates Inc., which develops cancer treatment drugs, filed for Chapter 11 bankruptcy on April 20, 2025, with plans to hand its assets to its secured lender as part of a restructuring support agreement. And now, medical diagnostics company Capture Collective Inc., which is developing and commercializing medical testing equipment for early detection of radiation exposure, and two affiliates, filed for Chapter 11 bankruptcy protection on May 27 to reorganize their debts, facing high litigation costs. Related: Major health care company files for bankruptcy to sell assets The company listed $1 million to $10 million in assets and liabilities in its petition filed in the U.S. Bankruptcy Court for the Southern District of Ohio, including a $5.7 million disputed tax claim owed to its largest creditor Hawaii Department of Taxation. More bankruptcy: Iconic auto repair chain franchise files Chapter 11 bankruptcyPopular beer brand closes down and files Chapter 7 bankruptcyPopular vodka and gin brand files for Chapter 11 bankruptcy The Columbus, Ohio-based debtor and affiliates Capture Diagnostics LLC and Capture Diagnostics HIB01 had also faced costly contract disputes as a result of its Covid-19 testing business that ceased operations in May 2023. Capture Collective was unable to resolve the contract disputes with claimants after the Covid-19 testing business ended. The company said high litigation costs had exhausted all of its remaining capital resources and made it impossible for the company to obtain new venture capital, according to information provided by RK Consultants. All litigation filed against Capture Collective and its affiliates is subject to an automatic stay while the bankruptcy case proceeds. Capture Collective is developing the radiation biodosimetry diagnostic test, MiRAD, a high-throughput, microRNA biomarker-based biodosimetry assay, which enables individualized clinical biomarker quantification in direct correlation with radiation exposure. Related: Another major healthcare company files Chapter 11 bankruptcy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
31 minutes ago
- Yahoo
‘Something you can never replace': NC widows sue Myrtle Beach aviation company after husbands 2022 plane crash deaths
HORRY COUNTY, S.C. (WBTW) — Two North Carolina widows say they're heartbroken and frustrated after filing a federal lawsuit in February against a Myrtle Beach-based aviation company that may be liable for the deaths of their husbands. 'As much as we don't want to go to trial, we will do anything for justice,' widow Toni Titone said. Terry Druffel and Barrie McMurtrie died in a single-engine plane crash in a wooded area outside of Conway in September 2022. Almost six hours after the crash, widow Linda Druffel says the Horry County coroner called her and Toni Titone to tell them their husbands died at the scene. The widows told News13 the plane was in flames when it crashed. They say authorities could not identify their husbands until they found McMurtrie's logbook. 'This is the only thing I have left of my husband,' Linda said, holding the center of her necklace. 'It's his wedding ring from that crash.' The widows' wrongful death and negligence lawsuit says Druffel and McMurtrie flew McMurtrie's single-engine Piper PA-28R on September 14, 2022. The lawsuit claims Myrtle Beach-based Executive Helijet Aviation worked on that plane months earlier. Linda says experts who examined the plane told her, within about 10 minutes of the flight, oil started leaking from the engine. When Druffel and McMurtrie tried to land in a landfill area, their right wing hit a tree. Titone and Linda say their husbands were experienced pilots. McMurtrie flew for 30 years. Druffel spent 24 years in the Navy as a helicopter pilot and 25 years with his commercial pilot's license. 'My nephews, today, just got their private pilot's licenses because of Uncle Terry, who started flying with them when they were little boys,' Linda said. In its final report in December 2023, the National Transportation Safety Board said the probable cause of the crash was the mechanic's failure to install a required gasket on the vacuum pump drive pad, which led to a loss of engine power. Linda said 16 months before Druffel and McMurtrie died, another pilot crashed and died after Executive Helijet Aviation allegedly put equipment into his plane upside down. 'Three wonderful pilots, three wonderful men, were killed because of their negligence,' Linda said. Titone says Executive Helijet's insurance company initially offered her and Linda a $2 million policy. However, the insurance company eventually told the widows they would not be getting that money. Linda and Titone are suing the aviation company for more than $75,000. 'We didn't just lose our husbands,' Titone said. 'We lost a lot of financial stability, and we lost love.' 'We lost something you can never replace,' Linda added. In response to the widows' complaint, Executive Helijet Aviation denies any liability for the crash. News13 reached out to Executive Helijet's lawyer, but we have not heard back. Court records show jury selection is set for March 2, 2026. * * * Skylar Musick is a multimedia journalist at News13. Skylar is originally from Long Island, New York. She joined the News13 team in June 2024 after graduating from Villanova University in May 2024. Follow Skylar on X, formerly Twitter, Facebook, or Instagram, and read more of her work here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
