Sylvamo has called for a temporary suspension on its Russia-based operations in light of the ongoing war between the country and Ukraine.
“We are suspending operations in Russia,” said Jean-Michel Ribiéras, Sylvamo chairman and chief executive officer. “We are appalled by the suffering and loss of lives in Ukraine, and we continue to hope for an immediate cease-fire agreement and diplomatic resolution.”
With its staff and contractors’ safety in its best interest, Sylvamo will pause all of the country’s operations until the political state of the country is safe again, and correlates with “the company’s values.”
In the meantime, Sylvamo will consider which route to take with its Russian-based operations in the future. With either a sale or a complete exit in mind, the global paper company with mills across several continents has not mentioned plans to declare bankruptcy or liquidation proceedings in Russia. All decisions will correlate with "imposed legal restrictions and government sanctions."
It will soon donate $250,000 to the International Committee of the Red Cross to support Ukrainians in need of assistance.
The Memphis-based business released its earnings report for the first quarter of 2022, reporting a net sale worth of $3.5 billion. With business ties across Europe, Latin America and North America, it currently employs more than 7,500 people worldwide.