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

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 called the decision a series of strategic changes to achieve an advantaged cost position in a press release sent out by the company on Thursday morning.