International Paper (NYSE: IP) shares announced the consolidation of its operations in the Rio Grande Valley.
“As part of its strategic growth initiative,” read this morning’s news release, “and commitment to the Rio Grande Valley, the company will make strategic investments to convert the current Edinburg, Tex. sheet plant into a warehouse, invest in its current facility in McAllen, Tex. to increase capabilities and shift its current Reynosa, Mexico operations to a new, more modern and capable facility that is currently under construction in Reynosa.
“The company,” the quote concludes, “will close its box plant and sheet plant in Edinburg.”
The company's goal is to minimize the impact to affected employees through natural attrition, retirements and open positions at other IP facilities, including open positions at our McAllen, Tex. facility. The company will assist employees and customers through this transition.
International Paper boasts a status as “the global leader in sustainable packaging solutions. With company headquarters in Memphis, Tennessee, USA, and EMEA (Europe, Middle East and Africa) headquarters in London, U.K., we employ more than 65,000 team members and serve customers around the world with operations in more than 30 countries.”
IP stock closed Thursday at $44.92.
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