RTTNews | Dec 3, 2020 07:15AM EST

07:14 Thursday, December 3, 2020 (RTTNews.com) - International Paper (IP) announced a plan to pursue a spin-off of Printing Papers segment into a standalone, publicly traded company. It will be implemented through the distribution of SpinCo shares to International Paper shareowners. International Paper will retain up to 19.99% of the shares of SpinCo at the time of the separation, with the intent to monetize and provide additional proceeds to International Paper.

Jean-Michel Ribiras, currently senior vice president, Industrial Packaging, will become CEO of the new company. John Sims, currently senior vice president, Corporate Development, will serve as CFO.

The company said it intends to reduce cost structure and accelerate earnings. International Paper expects to generate an additional $350 - $400 million of annual earnings by the end of 2023, including $50 - $100 million in annual incremental earnings growth and $300 million in structural cost reductions.

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