Sylvamo announced it reached an agreement and completed the sale of its Russian operations to Pulp Invest Limited Liability Company for $420 million. After foreign currency exchange rates and transaction fees, Sylvamo received approximately $390 million in cash proceeds.
“We made a principle-based decision to exit Russia and believe Pulp Invest is the best option for our Russian colleagues and assets,” said Jean-Michel Ribiéras, chairman and chief executive officer. “We intend to use $325 million of the proceeds to repay debt.”
Sylvamo announced its decision to sell all of its Russian operations in May. Pulp Invest, a management buyout vehicle, funded the purchase price through bank financing.
Sylvamo (NYSE: SLVM) is the world’s paper company with mills in Europe, Latin America and North America. Headquartered in Memphis, Tennessee (USA), Sylvamo employs more than 7,500 colleagues. Net sales for 2021 were $3.5 billion.
To learn more, visit: www.sylvamo.com.