Sylvamo completes sale of Russian operations

Photo: Sylvamo

Sylvamo is announcing 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 intend to use $325 million of the proceeds to repay debt.”

"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 is headquartered in Memphis, Tennessee, and employs more than 7,500 colleagues. Net sales for 2021 were $3.5 billion.