American International Paper has decided to sell its 50% stake in Ilim to its Russian partners for $484 million. interfax.
“International Paper announced today that it has reached an agreement to sell a 50% stake in Ilim SA, the holding company of Ilim Joint Venture (JV), to joint venture partners for $484 million. The sale is subject to regulatory approval in Russia.”
Ilim is one of the largest Russian companies in the pulp and paper industry, occupying 20% of the cardboard market and 10% of the paper market in the country, as well as 75% of the pulp market. The total value of the company is estimated at $ 3.5 billion.
Earlier, French electrical equipment manufacturer Legrand had made a decision. To leave from Russia.
The company’s business in the Russian market is 1.5% of annual sales for 2022. Legrand said exiting the market was “the best option”, both to comply with the law and to ensure operations for employees and customers.
Source: Gazeta
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