World's largest paper producer leaves Russian market
The American company International Paper, the largest producer of paper and packaging in the world, has left Russia. The company's website reports that the Russian Ilim Group, owned by Russians Zakhar Smushkin and Boris Zingarevich, bought 50% of the shares of Ilim SA that belonged to International Paper.
The value of the deal is $484 million.
It has already passed all necessary approvals and is officially completed.
Ultimately, control over the assets of the former joint venture passed to Russian shareholders.
International Paper is based in Memphis, Tennessee. The company employs approximately 39,000 people worldwide. Net sales for 2022 amounted to $21.2 billion.
The American company has been present in Russia since 1998, when it acquired a pulp and paper mill in the city of Svetogorsk, near St. Petersburg. In 2007, Russian Ilim became its partner, together with which they created a joint venture.
On Monday, the British paper and packaging manufacturer Mondi Group also announced its final decision to leave Russia.