International Paper Company Announces Completion of Sylvamo Corporation Spin-Off
Friday, October 1, 2021 2:15 pm
MEMPHIS, Tenn. (News release) -- International Paper Company announced the completion of its previously announced separation and spin-off of its global printing papers business, now operating as Sylvamo Corporation. Each International Paper shareholder received one share of Sylvamo common stock for every eleven shares of International Paper common stock held on the record date. International Paper continues to own approximately 19.9% of the outstanding shares of Sylvamo common stock.
The receipt of Sylvamo common stock in the distribution is tax-free to International Paper stockholders for U.S. federal income tax purposes, except for the gain or loss attributable to cash received in lieu of fractional shares of Sylvamo common stock. International Paper shareholders are urged to consult with their tax advisors with respect to the U.S. federal, state and local or foreign tax consequences, as applicable, of the spin-off.
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