International Paper, Memphis’ second-largest company, plans split into North America and EMEA public businesses

A major restructuring plan announced from the company’s Memphis headquarters

International Paper, one of Memphis’ largest corporate employers and the city’s second-largest company by scale, announced on Jan. 29, 2026 that it intends to separate into two independent, publicly traded companies organized primarily by geography. The plan would divide the company’s North American operations from its Europe, Middle East and Africa packaging operations.

Under the structure outlined by the company, the North American business would retain the International Paper name and include both legacy International Paper assets and operations added through the acquisition of DS Smith. The second company, described as an EMEA packaging business, would include packaging assets in Europe, the Middle East and Africa, combining operations that previously belonged to DS Smith and International Paper.

How DS Smith reshaped International Paper’s footprint

The proposed separation follows International Paper’s acquisition of London-based packaging company DS Smith, which was completed on Jan. 31, 2025. That transaction significantly expanded International Paper’s presence in European packaging markets and created a larger combined platform spanning North America and EMEA.

Regulatory commitments tied to the DS Smith acquisition required divestitures of certain European corrugated box plants. International Paper later announced the completion of a divestiture of five European plants to meet those commitments, following clearance conditions from European competition authorities.

What the split would create and how it could be executed

International Paper said the separation is expected to be structured as a spin-off of the EMEA packaging business to shareholders, with International Paper retaining a meaningful ownership stake in the newly created company. The company indicated the process is expected to take roughly 12 to 15 months, positioning the transaction for completion in 2027 if it proceeds on that timeline.

International Paper also stated that the EMEA packaging company is expected to be dual-listed in New York and London.

• Company 1: International Paper (North America packaging operations, including legacy International Paper and DS Smith assets in the region)
• Company 2: EMEA Packaging (Europe, Middle East and Africa packaging operations, combining DS Smith and International Paper assets in those markets)

Management continuity and stated operational focus

The company said Chairman and CEO Andy Silvernail would continue leading International Paper following the separation, alongside CFO Lance Loeffler and Packaging Solutions North America President Tom Hamic. For North America, International Paper described priorities that include organic growth investments, productivity initiatives, disciplined acquisitions, and maintaining an investment-grade balance sheet.

For EMEA, the company described goals centered on regional focus, targeted investment, innovation in customer packaging solutions, and operational performance aligned to the needs of European, Middle Eastern and African markets.

International Paper has framed the separation as a step intended to create two regionally focused packaging companies with distinct investment strategies and dedicated leadership teams.

The announcement comes amid a broader set of portfolio and footprint changes over the past year, including planned mill closures and divestitures associated with the company’s strategy to emphasize packaging operations.