Sylvamo continues winning run on completion of Russia exit

Sylvamo

06/10/2022 16:53

** Shares of paper products company Sylvamo Corp  SLVM.N  up
~5% at $40.43, extending its winning streak for a fourth
straight session
    ** SLVM completes sale of its Russian operations to Pulp
Invest LLC for $420 mln; co will receive $390 mln in cash
proceeds after accounting for foreign currency rates and
transaction fees
    ** "We intend to use $325 million of the proceeds to repay
debt," says CEO Jean-Michel Ribiéras  urn:newsml:reuters.com:*:nBw8kgzNra
    ** Co had announced its decision to exit Russia in May
    ** Shares up ~44% YTD
 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))