International Paper to announce Sylvamo Corporation as the name of its global papers spinoff, with headquarters planned for Memphis, Tennessee.
The name Sylvamo speaks to the company’s connection to trees and highlights its role as a steward of sustainable forests. Sylvamo combines the Latin words for forest, “silva,” and love, “amo.” Company leaders translate this unique combination as “love of forests.”
Sylvamo, currently a subsidiary of International Paper, will be governed by a nine-member board with eight independent directors. Jean-Michel Ribiéras, senior vice president, Global Papers, will serve as the company’s chairman and chief executive officer.
Each director will bring significant talent and experience, including expertise in basic materials, spinoffs, finance, strategy, human resources, international operations, legal and senior leadership roles.
“We believe it is critical to have a world-class board of directors as we set off on our mission to transform renewable resources into papers that people depend on for education, communication and entertainment,” Ribiéras said. “We are proud of the talented, experienced and diverse team that will guide us as an independent company.”
In December 2020, International Paper announced plans to spin its global papers business into a separate, publicly traded company in late 2021. The spinoff is subject to final approval by the International Paper board of directors.
Sylvamo will employ approximately 7,000 colleagues in Europe, Latin America and North America.
About International Paper
International Paper is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa and Russia. We produce corrugated packaging products that protect and promote goods, and enable worldwide commerce; pulp for diapers, tissue and other personal hygiene products that promote health and wellness; and papers that facilitate education and communication. They are headquartered in Memphis, Tennessee, employ approximately 48,000 colleagues and serve more than 25,000 customers in 150 countries. Net sales for 2020 were $21 billion.