International Paper will close two U.S. packaging plants in January, affecting 218 employees. The company plans to cut costs and consolidate operations due to weak demand. After selling its cellulose fibers business for $1.5 billion, International Paper reported a quarterly loss in October. The world’s largest packaging company by revenue has been closing underperforming plants and raising prices to offset softer demand and higher costs. IP currently trades at $37.07, 0.96% lower on the NYSE.

Read more at Nasdaq: International Paper To Shut Two U.S. Packaging Plants As Demand Slows