At the end of last year the $21bn (£15.2bn) turnover pulp, paper and packaging giant decided to spin-off its printing papers wing in order to concentrate on industrial packaging and absorbent cellulose fibres businesses. 

International Paper said the name Sylvamo “speaks to the company's connection to trees and highlights its role as a steward of sustainable forests”. 

Sylvamo is a combination of the Latin words for forest, ‘silva’ and love, ‘amo’. The strapline will be “The World's Paper Company”. The business will employ around 7,000 people in Europe, Latin America and North America.

“Company leaders translate this unique combination as ‘love of forests’,” International Paper stated. 

The group’s printing papers business accounted for 15% of overall sales last year, with turnover of just over $3bn, of which 32% was in EMEA. The “unprecedented demand decline due to the COVID-19 pandemic” saw sales fall by nearly 30%, while operating profit fell from $529m to $228m. 

Its products include JetStar for high-speed inkjet printing, Pro-Design for digital printing, and the Preprint range for offset printing. 

The separation and public listing of Sylvamo Corporation is expected to be completed later this year. 

Sylvamo Corporation will be headed by chairman and chief executive Jean-Michel Ribiéras, who is currently senior vice president of IP’s Global Papers operation. International Paper has also put in place eight independent directors. 

The spin-off will involve some $9m in costs. 

In Europe, the group completed the sale of its Kwidzyn pulp and paper mill to Mayr-Melnhof Group earlier this month. The mill makes folding boxboard. 

IP also has pulp and paper mills in France, Saillat, and Russia, Svetogorsk, which make office and printing papers.