International Paper announced a major restructuring, including the sale of its Global Cellulose Fibers business and closures of several U.S. packaging facilities, as part of its ongoing transformation strategy.

International Paper Co. has announced the closure of two Georgia paper mills, including a Savannah mill that's been a key part of the local economy for 90 years

The company also will close a packaging facility and a timber and lumber mill, resulting in about 1,100 job cuts.