US paper maker Sylvamo to sell its business in Russia

Sylvamo's business in RUSSIA is being prepared for sale, the company announced.Among the company's assets is a large pulp and paper mill in the Leningrad Region

The American corporation Sylvamo, which specializes in the production of paper, will leave Russia because of the events in Ukraine. The company announced this in its financial report for the first quarter of 2022.

“We have decided to leave Russia. We will do this in due course and are in the process of selling our Russian business,” the report says. The company also said that it is working on the deal and plans to complete it as soon as possible, including getting the approval of the board of directors and the necessary government approvals.

In 2021, Russia accounted for approximately 15% of Sylvamo's total revenue.

The Ministry of Digital Development assessed the shortage of coated paper for books due to EU sanctions Technology and media

Sylvamo Corp. is an international paper manufacturer with production sites in Europe, Latin America, North America and Russia. The corporate headquarters is located in Memphis ( usa ).

The Russian assets of Sylvamo are managed by the Dutch subsidiary of the American InternationalPaper Company through the non-public joint-stock company Silvamo Corporation Rus. This joint-stock company, in turn, manages the Svetogorsk Pulp and Paper Mill in the Leningrad Region.

In Russia, the production of packaging cardboard will be reduced by a quarter Business

Pro EU wants to disconnect Sberbank from SWIFT. What this means for the bank and its shares Forecasts Pro "Domestic Entrepreneurs":

Svetogorsk Pulp and Paper Mill produces office and offset paper (under the brands Svetocopy and Ballet Classic), cardboard. It also produces blanks for Tetra Pak packaging.

In early March, the company announced the suspension of operations in Russia, as well as a $250,000 donation to the International Committee of the Red Cross to help the people of Ukraine.

As RBC St. Petersburg reported, at the same time, a $230 million project to modernize the production of Svetogorsk Pulp and Paper Mill, announced at the end of January 2022 and calculated until 2025, was frozen.

The production volume of the enterprise is 653 thousand tons of pulp, paper and cardboard, the staff is 1700 people.