American company Sylvamo Corporation, a paper manufacturer under the SvetoCopy brand, is leaving Russia and selling its main asset, Svetogorsk Pulp and Paper Mill in the Leningrad Region.
"We have decided to leave Russia. We will do so in due course and are in the process of selling our Russian business. We are working to reach an agreement and plan to complete this process as soon as possible, including obtaining approval from our board of directors as well as the necessary government approvals to complete the transaction," the company said in its Q1 2022 financial statements, cited byKommersant.
The annual capacity of the plant Sylvamo in Svetogorsk is 720 thousand tons of pulp, paper and cardboard. In 2021 Russia accounted for approximately 15% of total revenues Sylvamo.
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Author: Ulyana LutskiewiczMade
in Russia/Made in Russia