Boris Zingarevich to sell nearly 30% of Ilim Timber through private placement

Ilim Timber chairman Boris Zingarevich intends to sell a nearly 30% stake in the company to a strategic partner, Russian Forbes reported. According to the Forbes, Russian VTB Capital bank is acting as placement agent. "The time has come to upgrade and increase the production of the Ilim Timber's mills in Russia", - said the representative of the company.

Ilim Timber was founded in 2007 on the basis of woodworking assets of Ilim Pulp. The company's total annual capacity amounts to 2,2 thousand m3 of sawn timber and 220 thousand m3 of plywood. Ilim Timber's revenue amounts to $600 million. Company owns 5.4% stake in the Canadian company Interfor.