INTERNATIONAL PAPER CO /NEW/ IP → Sylvamo Corporation SLVM
| Parent | INTERNATIONAL PAPER CO /NEW/ IP |
|---|---|
| Spinco | Sylvamo Corporation SLVM |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Not focus-increasing Parent and spinco remain in the same industry; the separation divides scale rather than business. |
| Ratio | 1 Sylvamo share for every 11 International Paper shares |
| Ratio note | The ratio covers only the roughly 80.1 percent of Sylvamo actually distributed; International Paper retained the balance. |
| Parent retains | 19.9% |
| Checked against EDGAR | 2026-08-22 |
Data trap
This is a partial spin-off, and the two share counts differ. International Paper issued 44,107,155 Sylvamo shares, distributed 35,329,912 of them and kept 8,777,343 — so shares distributed are about 20 percent short of shares outstanding. Any float, market-cap or per-share figure that treats the distributed count as the whole company understates Sylvamo by roughly a fifth. The retained stake was also a known overhang on the stock until it was sold down.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2020-12-03Separation announced
- 2021-08-09Form 10 filed
- 2021-08-23Form 10 last amended
- 2021-09-03Form 10 effective
- 2021-09-15Record date
- —When-issued trading opens
- 2021-10-01Distribution
- 2021-11-10First standalone earnings
- —Index inclusion announced
Performance since separation
| Sylvamo Corporation since separation | +11.48% |
|---|---|
| INTERNATIONAL PAPER CO /NEW/ over the same window | -22.10% |
| S&P 500 (SPY) over the same window | +76.34% |
| Russell 2000 (IWM) over the same window | +34.95% |
| Excess over the S&P 500 | -64.86% |
| Excess over the Russell 2000 | -23.47% |
Measured from the first regular-way close on or after the distribution — 2021-10-01 at 33.00 — to 2026-08-21 at 36.79. Window: 4.9 years. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | price history starts after the separation |
|---|---|
| Combined (INTERNATIONAL PAPER CO /NEW/ + Sylvamo Corporation), pre-distribution to now | -15.33% |
| Combined excess over the S&P 500 | -93.76% |
| Combined excess over the Russell 2000 | -52.45% |
Combined treats a pre-spin holding as 1 Sylvamo share for every 11 International Paper shares valued at the parent's last close before regular post-spin trading resumed — 2021-09-30 at 52.95 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2021-08-09 · 0001193125-21-239912Initial Form 10 registration statement
- 10-12B/Afiled 2021-08-23 · 0001193125-21-253977Final amendment; Ex-99.1 information statement carries the 1-for-11 ratio, the September 15 record date, the October 1 distribution and the 80.1/19.9 split
- 8-Kfiled 2021-09-03 · 0001193125-21-265530Definitive information statement dated September 3, 2021 furnished as Ex-99.1; states the registration statement was declared effective that day
- 8-Kfiled 2021-10-01 · 0001193125-21-288889Item 2.01 completion: International Paper distributed 35,329,912 shares, about 80.1 percent, and retained 8,777,343
- 8-Kfiled 2021-11-10 · 0001856485-21-000005Item 2.02 first results release as an independent company
Notes
International Paper's separation of its printing papers business, leaving the parent focused on packaging. Classified non-focus-increasing: both companies remain paper mills under the same four-digit SIC. A reader who weighs the end markets — commodity printing paper against industrial packaging — could reasonably call it focus-increasing instead; the SIC codes are what make it ambiguous, which is exactly why this field is never derived from them.