MEMPHIS, Tenn. — Sylvamo, an international paper company headquartered in Memphis, has announced it is suspending operations in Russia following the country’s invasion of Ukraine.
Sylvamo has mills in Europe, Latin America and North America, and employes more than 7,500 people.
The suspension will focus on employee and contractor safety and environmental stewardship, according to a release from the company.
The company said the suspension of operations will be conducted in a manner to allow full operations to resume in an environment consistent with the company’s values.
“We are suspending operations in Russia,” said Jean-Michel Ribiéras, 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.”
The company is also announcing a $250,000 donation to the International Committee of the Red Cross to assist the people of Ukraine.
Sylvamo will continue to assess various options for its operations in Russia, which could include a sale or exit, the release said.
The company will also continue adhering to imposed legal restrictions and government sanctions. The announcement does not imply that Sylvamo is initiating any bankruptcy or liquidation proceedings in Russia.
