AMERICAN INDUSTRIAL PARTNERS TO ACQUIRE INTERNATIONAL PAPER'S GLOBAL CELLULOSE FIBERS BUSINESS

Newly independent Global Cellulose Fibers business will be wholly focused on delivering industry-leading absorbent fluff pulp used primarily in personal care products

NEW YORK, Aug. 21, 2025 /PRNewswire/ -- American Industrial Partners ("AIP"), a focused industrials investor, today announced its affiliate has signed a definitive agreement to acquire the Global Cellulose Fibers division ("GCF") of International Paper (NYSE: IP). GCF is the leading global producer of high-quality absorbent fluff pulp for a wide range of personal care applications including feminine care, incontinence, infant diapers, and other products that promote health and wellness.

GCF is a leading producer of fluff pulp, high quality softwood pulp, and modified fibers at its manufacturing facilities across the U.S., Canada, and Poland. GCF employs approximately 3,300 highly experienced associates and in 2024 generated approximately $2.5 billion in annual revenue.  This well-invested manufacturing footprint and tenured employee base positions GCF to benefit from durable demand tailwinds, including population growth, rising incomes, and customer desires for product absorbency and comfort.

"With decades of highly relevant industrial and manufacturing experience, AIP is the right partner to back our growth and success as an independent company," said Clay Ellis, Senior Vice President, GCF, International Paper. "We look forward to partnering with AIP to continue to deliver high-quality absorbent materials for personal care products to customers globally."

"GCF is well-positioned for future growth, supported by its large and sustainable wood basket, durable end markets, industry leading quality and innovation, long-term customer relationships, deeply knowledgeable employees, and well-invested facilities," said Rick Hoffman, Partner at AIP. "We look forward to partnering with Clay and the rest of GCF's talented and tenured management team to implement their growth vision."

The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals, and is expected to close in Q4 2025. BofA Securities is acting as exclusive financial advisor to AIP and providing committed financing for the transaction. Davis Polk & Wardwell LLP is acting as transaction counsel, Ropes & Gray LLP is acting as financing counsel, and Baker Botts LLP is acting as regulatory counsel to AIP.

About American Industrial Partners
American Industrial Partners ("AIP") is a global industrials investor, with approximately $17 billion in assets under management. AIP is distinctively focused on industrial businesses across a broad range of end markets that include: aerospace and defense, automotive, building products, capital goods, chemicals, industrial services, industrial technology, logistics, metals & mining, and transportation, among others. AIP seeks differentiated returns by investing in quality industrial businesses with strong management teams and working with those teams to implement transformative Operating Agendas to build long-term value. Current AIP portfolio companies generate aggregate annual revenues of approximately $28 billion and employ 73,000+ employees as of June 30, 2025. In October 2023, AIP closed its eighth fund at $5.1 billion.  www.americanindustrial.com

About Global Cellulose Fibers 
Global Cellulose Fibers ("GCF") operates seven pulp mills and two converting facilities that produce fluff pulp, softwood pulp, and specialty pulp products for diverse consumer applications including diapers, other hygiene products, and tissue. GCF generated annual revenue of approximately $2.5 billion in 2024 and employs approximately 3,300 people with manufacturing operations in Canada, Poland and the U.S. (Mississippi, Virginia, Georgia, and North Carolina).

Media Contacts:

For American Industrial Partners:
[email protected]

For International Paper or Global Cellulose Fibers:
[email protected]

SOURCE American Industrial Partners