International Paper Announces Closure of Georgetown, S.C., Pulp and Paper Mill

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International Paper (NYSE: IP) on Oct. 31, 2024, announced the decision to review strategic options for its global cellulose fibers (GCF) business.

Officials said the decision to explore alternatives for the GCF business is consistent with the company's strategy to focus on sustainable packaging solutions.

IP's GCF business creates high-quality absorbent pulp for a wide range of applications like feminine care, incontinence and other personal care products.

In addition, its specialty pulp serves as a sustainable raw material used in textiles, construction materials, paints, coatings and more.

The GCF business generated $2.9B in revenue in 2023 and has operations in three countries, with eight mills and two converting facilities.

Additionally, the company announced the permanent closure of its Georgetown, South Carolina, mill. The mill will shut down in stages with a full closure expected by the end of 2024.

The Georgetown mill produces approximately 300,000 tons of fluff pulp designed for a range of consumer applications from baby diapers to incontinence products.

GCF said it plans to retain 100 percent of the mill's fluff pulp capacity by transferring production to other mills and further reducing the company's exposure to commodity pulp grades.

The mill also produces uncoated freesheet papers that it sells to Sylvamo (NYSE: SLVM) pursuant to a strategic contract, which IP and Sylvamo have mutually agreed to terminate as of Dec. 31, 2024.

"This decision is especially difficult because of the impact on hard-working employees, their families and the surrounding communities," said Bernie Chascin, International Paper’s Georgetown mill manager.

In all, 526 hourly employees and 148 salaried employees will be impacted.

Officials said all employees will be offered severance benefits, outplacement services and access to mental health resources.

Monthly bills Will Drop for Duke Energy Carolinas Customers in South Carolina Beginning In November

Duke Energy Carolinas customers in South Carolina will see their electric rates fall starting Nov. 1 as part of an annual adjustment for the cost of fuel used to generate electricity at its power plants.

As approved by the Public Service Commission of South Carolina (PSCSC), today's average monthly residential bill will decrease by 12.7 percent.

Duke Energy said the total monthly impact of these rate changes for a residential customer using 1,000 kilowatt-hours (kWh) per month is a decrease of $19.52, from $154.29 to $134.77.

As approved by the PSCSC, rates for commercial customers will decrease 13.5 percent and rates for industrial customers will decrease 15.7 percent.

Duke Energy officials said the specific impact to individual customers will vary according to many factors including electric usage and customer profile dynamics.

The decrease more than offsets the previously announced base rate increase approved by the PSCSC that took effect in August, the officials said.

Duke Energy Carolinas serves about 660,000 households and businesses primarily in the Upstate of South Carolina, including Greenville, Spartanburg and Anderson counties.

Duke Energy Carolinas makes a fuel cost-recovery filing annually in South Carolina.

The fuel rate is based on the projected cost of fuel used to provide electric service to the company's customers, plus a “true up” of the prior year's projection compared to actual costs incurred.

The PSCSC reviews fuel costs and adjusts the fuel component of customer rates accordingly. Each year, this true-up proceeding is intended to resolve the difference between projected fuel costs and what is actually billed to the customer.

Duke Energy officials said the decrease for customer bills in this year's request is primarily driven by the decreased cost of natural gas year over year, plus a reduced true-up component since the previous fuel cost-recovery filing.

Corten Real Estate Makes Common Equity Investments in Attainable Housing, Active Adult Multifamily Assets In South Carolina, Maryland

Corten Real Estate announced the successful completion of two common equity multifamily investments in Greenville, South Carolina, and Annapolis, Maryland, over the last several weeks.

On Sept. 30, Corten closed a $9.1 million joint venture common equity investment in Park on Gilder Creek, a 1997/2001-vintage, 132-unit apartment community in Greenville, SC, that qualifies for South Carolina's real estate tax abatement program. 

The deal was done in partnership with Fulton Peak, a vertically integrated, multifamily investment firm focused on acquiring, repositioning and operating rental housing properties throughout the Mid-Atlantic and Southeast.

The investment came from Corten Real Estate Fund II LP ("CREF II") and served to both capitalize the acquisition and reposition the asset.

On Oct. 11, Corten made a $10.5 million common equity investment to acquire The Gardens of Annapolis, a 106-unit active adult community located in Annapolis, MD. 

This deal was done in partnership with Real Asset Industries, a real estate owner/operator focused on senior housing. 

The investment also came from CREF II and will fund a renovation program focused on enhancing common areas, amenities and unit interiors.

According to Principal Matt Kattler, "Gilder Creek marks our first foray into attainable housing, in an important target market for Corten with a partner that has solid operating capabilities.  We look forward to identifying additional opportunities in the attainable/affordable housing space – they are win-wins for communities and investors alike." 

Corten Real Estate is a private investment manager that targets middle-market preferred equity, mezzanine debt, joint venture and common equity investments in hospitality, multifamily, office and other properties located throughout the United States.

Corten is headquartered in Wilmington, DE, with offices in the Philadelphia, PA and Chevy Chase, MD. 

Sequoia Financial Group Acquires Charleston-based Family Asset Management

Sequoia Financial Group, LLC, an SEC-registered wealth manager with $21.5 billion in assets under management as of Sept. 30, 2024, and Family Asset Management (FAM), a Charleston, South Carolina-based investment advisory firm, announced Oct. 31, 2024, that Sequoia Financial has acquired FAM.

Financial terms weren't disclosed.

Founded in 2004, FAM is an SEC-registered investment advisor with more than $300 million in assets under management as of Sept. 30, 2024.

FAM provides financial planning and investment management services to high-net-worth clients, multigenerational families, corporations and foundations. 

FAM expands Sequoia Financial's footprint in the Southeast, which officials said is an important and growing market for the firm.

FAM is led by Andrew Barrett, chief operating officer and partner, and Dan Russler, chief investment officer and a founding partner.

"Becoming part of Sequoia Financial is the culmination of a thoughtful, strategic search for the right partner that will allow us to continue our service-first approach to wealth management that we've had for two decades," said Russler.

"Family Asset Management just celebrated 20 years in business, which speaks to the enduring quality of the team, its offerings, and dedication to client service," said Tom Haught, CEO of Sequoia Financial.

With the new Charleston location, Sequoia Financial now has 16 offices in 10 states.

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