MEMPHIS, Tenn. (News release) -- International Paper, a global leader in sustainable packaging solutions, has completed the sale of its Global Cellulose Fibers (GCF) business to funds affiliated with American Industrial Partners (AIP). As part of the sale agreement, AIP acquired the GCF business for $1.5 billion including the issuance to International Paper of preferred stock with an aggregate initial liquidation preference of $190 million.

The GCF business creates safe, high-quality pulp for a wide range of applications such as towel and tissue products, diapers, feminine care, incontinence and other personal care products that promote health and wellness. In addition, its specialty pulp serves as a sustainable raw material used in construction materials, paints, coatings and more. The GCF segment of International Paper generated $2.8 billion in revenue in 2024, including contributions from mills that have since closed. The business operations sold to AIP generated approximately $2.3 billion in revenue in 2024 excluding the revenue from closed mills. The business has 3,300 employees globally, nine manufacturing facilities and eight regional offices.