International Paper to Build $260 Million Greenfield Box Plant in Waterloo, Iowa

Feb. 3, 2025 - International Paper (IP) has acquired land in Waterloo, Iowa, for the construction of a state-of-the-art corrugated box plant.

According to the Iowa Economic Development Authority (IEDA), IP plans to "construct a 900,000-square-foot corrugated products manufacturing facility.

"The project represents a $260 million capital investment and is expected to create 90 jobs incented at a qualifying wage of at least $23.01 per hour," the IEDA said in a written statement.

In addition, the IEDA board awarded IP tax benefits through the High Quality Jobs program.

On a fourth quarter 2024 earnings call with analysts, IP's Chairman and CEO, Andy Silvernail, mentioned the future box plant.

"I'm excited to share we are investing in a greenfield state-of-the-art corrugated box facility in Waterloo, Iowa. This is a great example of the investments we're making as we continue with our ambitious plans to optimize our mill-to-box system and generate attractive returns. This world-class box plant is designed to deliver on our strategy, 20% lower cost, designed in product quality and just-in-time service. All of this is aligned to a geography and end markets where we are positioned to win."

The new box plant in Waterloo will be in close proximity to IP's containerboard mill in Cedar River, which produces recycled containerboard from Old Corrugated Containers (OCC).

"The facility will be strategically located close to some of our best customers, specifically in the protein segment, while being in a freight advantage distance from one of our mills. The plan is to start construction this year and targeting for a start-up in 2026. So again, it's a best-in-class facility designed specifically to delight our customers, achieve a low-cost position to drive profitable growth," Silvernail said.

International Paper (NYSE: IP; LSE: IPC) is the global leader in sustainable packaging solutions. With company headquarters in Memphis, Tennessee, USA, and EMEA (Europe, Middle East and Africa) headquarters in London, UK, IP employs more than 65,000 team members and serve customers around the world with operations in more than 30 countries.

SOURCE: International Paper