Feb 18, 2004. /Lesprom Network/. Russian Neusiedler Syktivkar (NSY) sold own 100% stake in Papyrus stock capital to Polonyano-Zavodski paper mill, after the tender was carried out by Clifford Chance CIS Ltd, NSY public-affairs told Lesprom.ru. The sale agreement was concluded between NSY and Papyrus at a market price. The deal amount has not been disclosed. The decision to sell non-profile assets of Syktivkarsky paper products, an affiliated enterprise of Syktivkarsky timber mill was taken by NSY board of directors before Neusiedler purchased Syktivkarsky timber mill. The search of Syktivkarsky paper products customer was continued by Neusiedler, after the company acquired working control of Syktyvkarsky in 2002. Syktivkarsky paper products was modernized in order to promote the sale of the enterprise. Therefore the company founder Neusiedler Syktivkar decided to create Papyrus enterprise with a stock capital consisting of non pecuniary funds - real estate, motor and other vehicles, used during sanitary-hygienic production. Papyrus was detached of Syktivkarsky paper products. The sale of Papyrus will allow Neusiedler Syktivkar to concentrate on profile production and to acquire a decent partner for certain businesses development on a single enterprise. Papyrus staff cooperates with the investor in order to promote further enterprise development. In 2004 Polotnyano-Zavodski paper mill is expected to present Papyrus further development plan within the new group of enterprises. Polotnyano Zavodski paper mill is one of the oldest enterprises in Russia. The enterprise was founded in 1703 under Peter the Great order. Presently the enterprise produces a wide array of paper-graphic goods, school books, copybooks, as well as testliner and fluting, corrugated cardboard and package. The production assortment is constantly expanding. Presently the enterprise produces more than 150 paper and graphic goods. In 2002 Siktivkarsky timber mill working control (87,9%) was purchased by Neusiedler AG (NAG), affiliated to Mondi, owned by transnational Anglo American corporation. On January, 20 2003 the company was renamed Neusiedler Syktivkar. NAG is a major European manufacturer of 1,4 billion tons/yr wood-free non-covered paper in 5 countries.