IP Georgetown

[Southernduck]

When does the state and dept of ag quit touting that forestry is SC's biggest industry? When they let every mill leave? Sounds like this one was from left field for everyone.

[JABIII]

Sylvamo, International Paper Terminate Georgetown Supply Agreement
October 31, 2024
Download
(opens in new window)
MEMPHIS, Tenn.--(BUSINESS WIRE)-- Sylvamo (NYSE: SLVM), the world’s paper company, and International Paper (NYSE: IP) are mutually terminating a supply agreement for uncoated freesheet, bristols and specialty papers at the Georgetown, South Carolina, mill. The agreement will terminate Dec. 31, 2024.

Sylvamo is successfully transitioning many paper grades from Georgetown to its Ticonderoga, New York, and Eastover, South Carolina, mills to continue supplying customers. International Paper has announced plans to discontinue operations at the Georgetown mill.

“We have been preparing for this possibility since our 2021 spinoff from International Paper. We will support our customers through this transition and will retain the most profitable products from Georgetown, reducing economic downtime in our mill system and improving our mix,” said Jean-Michel Ribiéras, chairman and chief executive officer. “Looking ahead, we are confident in our future and our strategy to grow earnings and cash flow by continuing to invest in high-return projects in our mills and processes.”

More details are available in a presentation available at investors.sylvamo.com. This development will be discussed during the company’s next quarterly earnings call Tuesday, Nov. 12, at 10 a.m. EST/ 9 a.m. CST.

About Sylvamo

Sylvamo (NYSE: SLVM) is the world’s paper company with mills in Europe, Latin America and North America. Our vision is to be the employer, supplier and investment of choice. We transform renewable resources into papers that people depend on for education, communication and entertainment. Headquartered in Memphis, Tennessee, we employ more than 6,500 colleagues. Net sales for 2023 were $3.7 billion. For more information, please visit Sylvamo.com.


Investors: Hans Bjorkman, 901-519-8030, hans.bjorkman@sylvamo.com
Media: Adam Ghassemi, 901-519-8115, adam.ghassemi@sylvamo.com

[Saltydog235]

Carpetbagger developers are going to descend on Georgetown even more rapidly now.

IP and the steel mill will be superfund sites. It’ll take a huge bankroll to do anything with this properties. You won’t see anything happen anytime soon.

Well, now I know why my next project there was put on hold.

[wob]

Does this mean that 3V is soon to follow?

[smitch320]

There’s never a good time for one of these closures but due to the previous mill shutdowns over past years there isn’t enough outlets to filter the wood. This one is going to sting harder. This fucking sucks

Hate it for you Lawdog

[Black Bart]

Does this mean that 3V is soon to follow?

Hope not. We just re-skinned a building out there, and we're supposed to be erecting another for them early next year.

[Hogg]

IP and the steel mill will be superfund sites. It’ll take a huge bankroll to do anything with this properties. You won’t see anything happen anytime soon.

Well, now I know why my next project there was put on hold.

I am referring to the Blackrocks of the world that will swoop in and buy out the folks that can't hold on to what they have got. The political will on Council seems to heavily favor developers.

[Catdaddy]

Hate it for all affected.

I'm not sure the Florence Paper mill can handle all that extra pulpwood. I'm sure the price will get lower.

All my timber is saw timber. The next time prices get up I'm going to make it look like an airport.

Sent from my motorola edge 2024 using Tapatalk

[GBelly]

"It’s an interesting perspective. The US has indeed been navigating a complex regulatory landscape, especially in sectors like energy and industry, which can slow down innovation and adaptation. Meanwhile, many other countries are pursuing more agile approaches, often prioritizing rapid development and implementation of new technologies. This divergence can lead to significant differences in progress, with some nations leveraging their flexibility to advance faster in areas like renewable energy, tech innovation, and sustainable practices. It raises questions about balancing regulation with the need for speed in a rapidly changing global environment."

author unknown..

[Sasha and Abby]

You can expect timberland prices to back off a little with relatively few markets to use and those that stay becoming flooded with product and putting loggers on perpetual quota. Very sad for many.

[2thDoc]

"It’s an interesting perspective. The US has indeed been navigating a complex regulatory landscape, especially in sectors like energy and industry, which can slow down innovation and adaptation. Meanwhile, many other countries are pursuing more agile approaches, often prioritizing rapid development and implementation of new technologies. This divergence can lead to significant differences in progress, with some nations leveraging their flexibility to advance faster in areas like renewable energy, tech innovation, and sustainable practices. It raises questions about balancing regulation with the need for speed in a rapidly changing global environment."

author unknown..

cliff notes:
Votes have consequences

[banded_mallard]

You can expect timberland prices to back off a little with relatively few markets to use and those that stay becoming flooded with product and putting loggers on perpetual quota. Very sad for many.

Im not so sure about that. I don’t see land prices going down. To many people want to live here. I have seen decent acre tracts go for $3500/4000 bare land clear cut. There is one advertised now for 5500/acre that was just planted in saluda. It’s in bfe. I’m not talking about tracts on the fringe land of development.

[dubs]

Yea, on your average size tract in South Carolina, timber now has two values, a stumpage value (what you can get if you cut it down) and an aesthetic value (what it is worth to someone who likes the way it looks).

In the vast majority of cases on a recreational sized tract, you will see the aesthetic value is far greater than the stumpage value.

[Saltydog235]

I am referring to the Blackrocks of the world that will swoop in and buy out the folks that can't hold on to what they have got. The political will on Council seems to heavily favor developers.

Yeah, thought of that after. Lots of RMT and other leased tracts around.

[MolliesMaster]

I am referring to the Blackrocks of the world that will swoop in and buy out the folks that can't hold on to what they have got. The political will on Council seems to heavily favor developers.

This is where my conservative/capitalism principles slam into the wall. I wish all the "blackrocks" of the country would go away.

[Quackhead22]

Yeah, thought of that after. Lots of RMT and other leased tracts around.

RMS just put 62000 acres in a conservation easement!


Sent from my iPhone using Tapatalk

[Drylok]

I am in the control valve industry and have served the papermills in South Carolina and North Carolina for over 30 years. My company will serve other industries as well, but this hurts for all involved.

[Southernduck]

RMS just put 62000 acres in a conservation easement!


Sent from my iPhone using Tapatalk

Land that had very little development potential. The taxpayer got fleeced and the REiT got paid. Doesn’t IP own RMS? Oh the irony.

I am with MM on views.

[smitch320]

Land that had very little development potential. The taxpayer got fleeced and the REiT got paid. Doesn’t IP own RMS? Oh the irony.

I am with MM on views.

IP does not own RMS.

[scquackaddict]

He’s right about the easement though. Putting mostly river swamp in an easement isn’t doing anything. It couldn’t be developed before and it can’t be now.

Back on topic. IP closure hurts. We’ve seen a lot of mills close across the southeast in the last year but this one is a gut punch. Not only being a forester in Georgetown, but being a Georgetown resident. It’s the end of an era. Bring on the tract homes and apartments to go the way of the rest of the SC coast. I’m sure town council is delighted. They got rid of 700 undesirables to make room for retired yankees.