International Paper Announces Layoffs and Facility Closures

International Paper has announced significant layoffs, including the closure of four facilities in Cleveland, Tennessee; Kansas City, Missouri; Rockford, Illinois; and Statesville, North Carolina, affecting approximately 500 employees. This decision is part of the company's strategy to reorganize and focus on becoming a more profitable sustainable packaging solutions provider. Following a previous announcement of 650 layoffs, this recent round brings the total job losses to around 1,150, with the Memphis workforce dropping to 1,700, below its commitment of 2,375 jobs made in 2013. Employees affected by the closures will be offered severance packages, outplacement services, and mental health resources. Memphis Mayor Paul Young expressed concern over the impact of these job losses on the community while acknowledging the company's efforts to strengthen its operational efficiency.