Sylvamo Completes Sale of Russian Operations
Sylvamo has completed the sale of its Russian operations to Pulp Invest Limited Liability Co. for US$420 million. The Tennessee-based company received approximately $390 million in cash proceeds after foreign currency exchange rates and transaction fees. Sylvamo Chair and CEO Jean-Michel Ribiéras comments, "We made a principle-based decision to exit Russia and believe Pulp Invest is the best option for our Russian colleagues and assets." He adds that at least $325 million of the proceeds will be used to pay down debt. Sylvamo specializes in transforming renewable resources into paper products that people depend on for communication, entertainment, and other purposes. Its net sales last year totaled $3.5 billion.
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