International Paper to Sell Fibers Business for $1.5 Billion

International Paper Co. said it will sell its global cellulose fibers business for $1.5 billion as part of its strategy to focus on sustainable packaging solutions.

The Memphis-based company will be selling the business, which makes pulp used in household products like tissues and diapers, to private equity firm American Industrial Partners. The sale is expected to close by the end of the year, according to a statement Thursday.