Sylvamo

Sylvamo is a global paper company that believes in the special purpose of the product it produces: paper promotes education, maintains communication between people and realizes creativity.

History

2022: Palm Invest buys business in Russia from SvetoCopy for $420 million

On October 6, 2022, the American company Sylvamo, which calls itself the world's largest manufacturer of office paper, announced the sale of Russian business. It was bought for $420 million by the company "Pulp Invest," which is engaged in the production of sanitary and hygienic paper (toilet paper, paper towels and napkins; production site is located in Kazan).

After deducting exchange rate differences and transaction expenses, Sylvamo received the equivalent of $390 million in euros, the company said. The conversion, according to the text of the contract published by Sylvamo, was carried out through Raiffeisen Bank. The deal was approved by a subcommittee of the government commission to control the implementation of foreign investments, a source familiar with the situation told Interfax. The Ministry of Industry and Trade of the Russian Federation confirmed to the agency the fact of approval by the authorities of the Sylvamo deal.

American company Sylvamo announced the sale of Russian business

{{quote 'We made a fundamental decision to leave Russia and believe that Pulp Invest is the best option for our Russian colleagues and assets. We intend to use $325 million in revenue to pay off the debt, "said SvetoCopy Executive Director Jean-Michel Ribiere. }} According to him, Pulp Invest is the best option for the further development of Sylvamo's Russian business.

The decision of SvetoCopy to leave Russia became known back in May 2022. The main asset of the enterprise in Russia is the Svetogorsk Pulp and Paper Mill, which is located in the Leningrad Region. The plant employs about 1,700 people. The annual production of the plant is 720 thousand tons of pulp, paper and cardboard. Sylvamo Corporation's Russian business accounted for about 15% of the company's total revenue. Palp Invest is owned by Timur Gabidullin, General Director of Silvamo Corporation Rus JSC.^[1]

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