Sylvamo Completes Sale of Russian Operations

Sylvamo, the world’s paper company, 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 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.

A Form 8-K, including updated pro forma financial statements, will be available at investors.sylvamo.com.

About Sylvamo

Sylvamo (NYSE: SLVM) is the world’s paper company with mills in Europe, Latin America and North America. Our vision is to be the employer, supplier and investment of choice. We transform renewable resources into papers that people depend on for education, communication and entertainment. Headquartered in Memphis, Tennessee, we employ more than 7,500 colleagues. Net sales for 2021 were $3.5 billion. For more information, please visit Sylvamo.com.

Contact:

Hans Bjorkman – Investor Contact – hans.bjorkman@sylvamo.com – (901) 419-3525

Source: Sylvamo Corporation