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Sylvamo May Temporarily Shut Down Russian Mill Amid Supply Challenges

By Will Feuer

Sylvamo Corp. said it may curtail or temporarily shut down pulp and paper production at its Russian mill in Svetogorsk later this week because it is running short on supplies and raw materials amid the Russian attack on Ukraine and subsequent international sanctions against Russia.

The Memphis, Tenn.-based paper company said its Svetogorsk mill, which is located at the border with Finland, employs about 1,700 people and relies on raw materials imported from Europe.

The mill is also the primary water, electricity and water treatment provider for residents of Svetogorsk, the company said. Sylvamo said it is committed to continuing to provide those critical services.

Russian operations accounted for about 15% of Sylvamo's 2021 revenue, the company said.

"We hope for an immediate cease-fire agreement and swift diplomatic resolution," Chairman and Chief Executive Jean-Michel Ribieras said. "Our thoughts are with the citizens of Ukraine."

The stock traded 4% lower at $32 a share in premarket trading.

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