GEORGETOWN, S.C. (WCBD) -- Hundreds of workers in Georgetown will soon be out of a job after International Paper (IP) announced the permanent closure of its Georgetown paper mill. It came as a shock to many when the company announced Thursday morning that it would close the facility as part of its plan to increase profits into the future. "I learned early this morning that International Paper would be closing, and [the company] has been a fixture in our community for almost 90 years," said Mayor Carol Jayroe. The closure is expected to impact 526 hourly employees and 148 salaried employees, according to the company. "It's all fresh at this point and I have been in touch with Lee Hewitt, one of our representatives, and he has talked with the Department of Commerce and the Department of Workforce, so we hope to get some help from them with helping folks find another place to have a job that is close by," Jayroe said. ‘Loss is devastating’: Georgetown officials address mill closure According to an IP press release, the company wants to increase the profits from its Global Cellulose Fibers business, which generated $2.9 billion last year. Closing the Georgetown paper mill will help meet that goal, officials said. "International Paper is committed to maximizing value for our shareholders," Chairman and CEO Andy Silvernail said. "It's a financial decision, that's all it is," Jayroe said. The company is offering severance packages, outplacement services, and access to mental health resources to impacted employees. Nikki Ewing, the Vice President of Marketing for Georgetown Kraft Credit Union, said while the news is devastating, the city will get through it. The credit union was started by a group of IP employees in the 1950s. "We are a strong community," she said. "We help support each other and get through bad times, and this is, I think, definitely one of those times that you will see this community rise up and support each other. Not just the individual employees but everybody in this community is going to give back and give up to where we can help them." The closure is expected to happen in phases, but officials said the mill will be completely shut down by the end of December.