American Industrial Partners has completed the acquisition of International Paper’s Global Cellulose Fibers business, bringing one of the world’s largest fluff pulp platforms under private ownership.
Completed in January 2026, the transaction values GCF at $1.5 billion. Following the closing, GCF now operates as an independent company backed by funds affiliated with AIP, a U.S.-based industrial investor.
Global Cellulose Fibers produces absorbent fluff pulp and specialty cellulose fibers primarily used in hygiene and personal care products, including infant diapers, feminine care and incontinence products. The business also supplies specialty pulps used as sustainable raw materials in construction materials, paints and coatings.
The company employs approximately 3,300 people and operates nine manufacturing facilities across North America and Europe, supported by eight regional offices. The GCF segment of International Paper generated $2.8 billion in revenue in 2024, including mills that have since closed. Excluding those operations, the assets acquired by AIP generated approximately $2.3 billion in revenue.
For International Paper, the divestment represents another step in its portfolio simplification and continued focus on sustainable packaging solutions.
International Paper is the global leader in sustainable packaging solutions. With company headquarters in Memphis, Tennessee and EMEA headquarters in London, we employ more than 65,000 team members and serve customers around the world with operations in more than 30 countries.
American Industrial Partners is a global industrials investor, with approximately $17 billion in assets under management. AIP is distinctively focused on industrial businesses across a broad range of end.
Global Cellulose Fibers operates seven pulp mills and two converting facilities that produce fluff pulp, softwood pulp, and specialty pulp products for diverse consumer applications including diapers, other hygiene products, and tissue.
Source: International Paper
