Sylvamo Completes Sale of Russian Operations for $420 Million

Sylvamo's Russian operations include the Svetogorsk mill, located at the border with Finland. The mill has an annual capacity of 720,000 short tons of pulp, paper and paperboard and employs about 1,700 people.

Oct. 7, 2022 - Sylvamo announced it reached an agreement and completed the sale of its Russian operations to Pulp Invest Limited Liability Company for $420 million. After foreign currency exchange rates and transaction fees, Sylvamo received approximately $390 million in cash proceeds.

"We made a principle-based decision to exit Russia and believe Pulp Invest is the best option for our Russian colleagues and assets," said Jean-Michel Ribiéras, chairman and chief executive officer. "We intend to use $325 million of the proceeds to repay debt."

Sylvamo announced its decision to sell all of its Russian operations in May. Pulp Invest, a management buyout vehicle, funded the purchase price through bank financing.

Sylvamo (NYSE: SLVM) is the world's paper company with mills in Europe, Latin America and North America. Headquartered in Memphis, Tennessee (USA), Sylvamo employs more than 7,500 colleagues. Net sales for 2021 were $3.5 billion. To learn more, visit: www.sylvamo.com.

SOURCE: Sylvamo