U.S.-based Sylvamo Corporation has made the decision to exit Russia.
“We will do so in an orderly manner and are conducting a process to sell our Russian business. We are working to reach an agreement and plan to complete this process promptly, including obtaining approval from our board, as well as the required government approvals to execute a transaction,” the Company says in the press release.
Sylvamo owns the Svetogorsk Pulp and Paper Mill in Leningrad region, Russia. The Svetogorsk mill employs more than 1700 people and produces printing papers, liquid packaging board and innovative BCTMP. The plant is also the main supplier of water and electricity for the city of Svetogorsk. In 2021, Russian operations accounted for approximately 15% of Sylvamo's total revenue.
In the beginning of March Sylvamo suspended its operations in Russia. On March 2, Sylvamo also announced that Svetogorsk Pulp and Paper Mill may reduce its output or temporarily suspend production due to a shortage of raw material.
Sylvamo Corporation is the world’s paper company with mills in Europe, Latin America and North America. Sylvamo was created by spinning off its printing paper segment by American company International Paper. International Paper still owns approximately 19.9% of Sylvamo's outstanding common stock.