Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market
Exited Exit Completed
Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market
Exited Exit CompletedSold operations in Russia. After sale of the local company in 2022, total gross revenue made up $715m. $518m belonged to Sylvamo ($420m of which was from selling their Russian operations and leaving Russia), the rest (~$200m) was earned by the new owner. Company strongly objects to being criticized for exiting Russia for $420m arguing that the actual gross revenues earned in 2022 should be $98m (according to IFRS).
March 2: Planning on temporary shut down of pulp and paper production at its Svetogorsk, Russia due to supply issues (Russian operations account ~15% total revenue in 2021). March 7: Suspending operations in Russia. Pledge of $250K to International Red Committee of the Red Cross. October 6: Sylvamo completes sale of Russian operations.
| November 09, 2023 | Russia’s New Elite Emerges to Fill Void After Multinationals Flee |
| May 11, 2022 | Sylvamo Releases First-Quarter 2022 Results |
| March 07, 2022 | Sylvamo to Suspend Russian Operations |
| March 05, 2022 | Production of A4 office paper stopped in Leningrad region |