01—Abstract
Summary
Summary of the 8-K filed January 23, 2026. Cited figures are marked; the original filing is the authoritative source.
On January 23, 2026, International Paper Company completed the previously announced sale of its Global Cellulose Fibers (GCF) business to funds affiliated with American Industrial Partners (AIP).
The transaction covers all of the outstanding equity interests in GCF US Holdings LLC, GCF (Asia) Limited, International Paper Cellulose Fibers (Poland) sp. z o.o., and International Paper Canada Pulp Holdings ULC, which together represent the entire GCF business. The Sale Agreement, dated August 20, 2025 and amended, sets a purchase price of $1.5 billiona, which includes the issuance to the Company of preferred stock of Absorbent Fiber Topco, Inc. with an aggregate initial liquidation preference of $190 million. According to the accompanying press release (Exhibit 99.1), the GCF segment generated $2.8 billion in revenue in 2024, including contributions from mills that have since closed.
The operations sold to AIP generated approximately $2.3 billionb in revenue in 2024, excluding closed mills. The business has 3,300 employees globally, nine manufacturing facilities, and eight regional offices.
Its products serve towel and tissue, diaper, feminine care, incontinence, and other personal care markets, as well as specialty pulp used in construction materials, paints, and coatings. The filing also states that the Sale Agreement was previously filed as Exhibit 10.2 to the Company's Form 10-Q for the quarter ended September 30, 2025, and the press release was furnished under Item 7.01 rather than filed for purposes of Section 18 of the Exchange Act.
02—Key points
Key Highlights
- Completed the sale of the Global Cellulose Fibers (GCF) business to funds affiliated with American Industrial Partners on January 23, 2026
- Purchase price of $1.5 billion, including preferred stock of Absorbent Fiber Topco, Inc. with an aggregate initial liquidation preference of $190 million
- Transaction covers all equity interests in GCF US Holdings LLC, GCF (Asia) Limited, International Paper Cellulose Fibers (Poland) sp. z o.o., and International Paper Canada Pulp Holdings ULC
- GCF segment generated $2.8 billion in 2024 revenue including closed mills; operations sold generated approximately $2.3 billion excluding closed mills
- GCF business has 3,300 employees globally, nine manufacturing facilities, and eight regional offices
- Sale Agreement dated August 20, 2025, as amended, was previously filed as Exhibit 10.2 to the Form 10-Q for the quarter ended September 30, 2025
- Press release announcing the closing furnished as Exhibit 99.1 under Item 7.01
03—Questions
Frequently Asked Questions
What did International Paper sell and to whom?
International Paper sold its entire Global Cellulose Fibers (GCF) business, through the sale of equity interests in four entities, to funds affiliated with American Industrial Partners.
What is the purchase price and what form of consideration did the company receive?
The purchase price is $1.5 billion. This includes the issuance to the Company of preferred stock of Absorbent Fiber Topco, Inc. with an aggregate initial liquidation preference of $190 million.
How large is the business that was sold?
The GCF segment generated $2.8 billion in revenue in 2024, including mills that have since closed. The operations sold to AIP generated approximately $2.3 billion in 2024 revenue, excluding closed mills. The business has 3,300 employees, nine manufacturing facilities, and eight regional offices.
Where can investors find the full terms of the Sale Agreement?
The Sale Agreement, dated August 20, 2025 and as amended, was filed as Exhibit 10.2 to the Company's Form 10-Q for the quarter ended September 30, 2025. The 8-K description is qualified in its entirety by that document.
What products did the GCF business make?
GCF produced pulp for towel and tissue products, diapers, feminine care, incontinence and other personal care products. Its specialty pulp is also used as a raw material in construction materials, paints, coatings and other applications.
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