International Paper announced that distribution solutions businesses xpedx and Unisource Worldwide Inc. will merge under the terms of a definitive agreement that will result in the creation of a new publicly traded company. The new company's executive offices will be located in the greater Atlanta area. In addition, the new company will retain the two existing operational headquarters of the legacy companies in Loveland, Ohio, and Norcross, Ga.

Mary Laschinger will be the chief executive officer of the new company and chairman of its board of directors. Allan Dragone, currently president and CEO, Unisource Worldwide, will serve as a director of the new company and will advise on integration activities. The other directors will be: Lead Director William E. Mitchell, retired chairman and chief executive officer, Arrow Electronics Inc. and founder of Sequel Capital Management, LLC; Daniel T. Henry, retired executive vice president and chief financial officer, American Express; Tracy Leinbach, retired executive vice president and CFO, Ryder System Inc.; John Zillmer, retired chairman, president and chief executive officer, Univar Inc.; Michael Muldowney, former CFO and interim CEO of Houghton Mifflin Harcourt Publishing Co., and founder and CEO of Foxford Capital, LLC; Charles G. Ward, partner, Perella Weinberg Partners, and former president of Lazard Ltd.; Seth Meisel, managing director, Bain Capital.