International Paper Company
International Paper is a U.S.-based packaging and paper company that has shifted its portfolio toward renewable fiber-based packaging. It operates manufacturing assets across North America, Latin America, Europe and North Africa, and is now restructuring around a more focused packaging business after major acquisitions, divestitures and a planned regional separation.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueBoxes, sheets and related packaging used to ship and protect goods in transit.
Paperboard used internally and externally to make corrugated packaging products.
Renewable fiber-based packaging solutions for branded and industrial customers.
Ancillary packaging products, converting services and related offerings.
Customers
International Paper sells mainly to businesses that need packaging to move, store and display goods. Its customers span consumer goods, industrial, food and beverage, e-commerce and other shipping-intensive end markets, where demand is tied to production volumes, trade flows and consumer spending. The company also depends on retaining large accounts and winning new volume commitments, so customer service, pricing and reliability are central to the relationship.
Buy corrugated and containerboard products to ship components and finished goods reliably.
Buy packaging for product protection, shelf presentation and supply-chain efficiency.
Buy fiber-based packaging for transport, storage and distribution applications.
Buy boxes and packaging formats that support parcel growth and fulfillment needs.
Buy localized packaging solutions aligned to regional supply chains and service requirements.
Strategy
International Paper is executing an 80/20 performance system centered on simplification, segmentation, resource allocation and growth. The company is focusing on sustainable packaging, improving its cost position, investing in greenfield capacity and preparing to separate into two regionally focused public companies in North America and EMEA.
Management expects two regionally focused companies to improve strategic focus and value creation.
Packaging is a competitive, price-sensitive industry where efficiency drives margins and customer wins.
New plants and mill improvements support growth, reliability and lower unit costs.
The company is repositioning as a pure-play packaging business with renewable fiber-based products.
Geography
International Paper has manufacturing operations in North America, Latin America, Europe and North Africa, with the business increasingly organized around North America and EMEA. The company said 2025 demand was weaker in North America and challenging in EMEA, while it is preparing a separation into two independent businesses focused on those regions. Geography matters because freight, fiber, energy, tariffs and currency movements all affect margins and competitiveness.
Risks
The business is exposed to cyclical demand, pricing pressure and swings in raw material, energy and transportation costs. It also faces execution risk from the DS Smith integration, the planned separation, and the need to keep manufacturing sites running reliably across multiple regions.
- Cyclical demand and pricing pressureImpact: HighLikelihood: High
Packaging volumes and prices move with industrial activity, consumer demand and competitor capacity.
Exposure: Corrugated boxes and containerboard
- Raw material and energy cost inflationImpact: HighLikelihood: High
Wood fiber, chemicals, energy and transportation are major input costs and can move quickly.
Exposure: Manufacturing margins
- Integration and separation execution riskImpact: HighLikelihood: Medium
DS Smith integration and the planned regional separation require systems, people and customer continuity.
Exposure: Corporate structure and operating model
- Manufacturing disruptionImpact: MediumLikelihood: Medium
Unplanned outages, severe weather or natural disasters can reduce output and service levels.
Exposure: Global mill and plant network
- Cybersecurity incidentsImpact: MediumLikelihood: Medium
Attacks could disrupt operations, damage data or impair customer confidence.
Exposure: IT systems and connected operations
Accounting
Judgemental itemsThe company has large acquired assets and reporting units whose value depends on demand and margin assumptions.
Impact: Can create material non-cash charges if assumptions weaken
Discount rates, return assumptions and mortality estimates affect pension obligations and expense.
Impact: Moves liabilities and periodic pension cost
Transformation actions and footprint changes create one-time costs that affect comparability.
Impact: Can obscure underlying operating trends
The DS Smith acquisition requires purchase accounting, fair value estimates and goodwill recognition.
Impact: Affects balance sheet values and future impairment risk
The sale of Global Cellulose Fibers creates disposal-related gains, losses and transaction costs.
Impact: Can materially affect reported earnings and cash flow
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Last updated: 24/09/2026