As layoffs hit IP, status for Memphis paper company safe [Video]

MEMPHIS, Tenn. — Reactions pour in, as news of a Memphis-based business announces significant layoffs.

International Paper officials confirmed the layoffs of 650 employees with ABC24 Tuesday saying, “International Paper is undergoing a transformational journey to become a stronger, more profitable sustainable packaging solutions company. A critical step in this journey is to organize our teams and resources to create the most value for customers and shareholders. As a result, we are reorganizing our corporate overhead structure.”

Of of those positions, 400 are from the Memphis area which equates to roughly 20% of it’s local workforce.

One of the main reason for said layoffs could include the finalization of a $9.9 billion deal to acquire British based company DS Smith, according to Omer Yusuf with the Memphis Business Journal. 

However, Yusuf says this will …