Packaging firm International Paper to split into two companies
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International Paperannounced plans to split into two publicly traded companies by spinning off its European packaging business. Shares rose about 5% in premarket trading. The company, which holds a significant share of the North American corrugated packaging market, has been divesting assets in Europe following its $7.22 billion acquisition of DS Smith. The separation is expected to be completed in 12-15 months amid slowing demand for box shipments due to cautious consumer spending and trade uncertainties.
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