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Sylvamo Becomes Independent, Publicly Traded Company
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Sylvamo (NYSE: SLVM), a spinoff of International Paper (NYSE: IP), has officially become an independent publicly traded company, with celebrations taking place globally. The company, headquartered in Memphis, Tennessee, employs over 7,000 staff across Europe, Latin America, and North America. Celebrations include a ceremonial trade bell ringing at the New York Stock Exchange, paper donations to local schools, and tree planting events. Sylvamo aims to create long-term value through its commitment to sustainability and serves as a steward of forests.
Positive
Sylvamo becomes an independent publicly traded company, increasing strategic flexibility.
Celebration events highlight community engagement and sustainability efforts.
Company maintains strong employee presence with over 7,000 staff across multiple regions.
Negative
None.
MEMPHIS, Tenn.--(BUSINESS WIRE)--
Friday signifies a new beginning for Sylvamo (NYSE: SLVM), a spinoff of International Paper’s (NYSE: IP) global papers business, as it becomes an independent, publicly traded company.
Sylvamo is marking the occasion with events planned from Wall Street to the company’s global headquarters in Memphis, Tennessee, and other facilities worldwide. Company leaders will ring the first trade bell at the New York Stock Exchange to commemorate the milestone and introduce The World’s Paper Company.
“We believe in the promise of paper to educate, communicate and entertain,” said Jean-Michel Ribiéras, chairman and chief executive officer. “As a standalone company, Sylvamo has the strategic flexibility, strong leadership and teams, best-in-class mills in attractive regions and iconic global brands to create long-term value for our employees, customers and shareowners.”
Celebrations include paper donations to Shelby County Schools, the public school district near Sylvamo corporate headquarters. Sylvamo leaders will also plant trees at adopted schools. Employee events and tree plantings are also planned at Sylvamo facilities in Europe and Latin America.
The Mighty Lights, which light the Hernando De Soto Bridge and Big River Crossing that span the Mississippi River in Memphis, will glow with Sylvamo purple Friday night.
The name Sylvamo speaks to the company’s connection to trees and highlights its role as a steward of sustainable forests. Sylvamo combines the Latin words for forest, “silva,” and love, “amo.” Company leaders translate this unique combination as “love of forests.”
Sylvamo employs more than 7,000 colleagues in Europe, Latin America and North America.
About Sylvamo Sylvamo (NYSE: SLVM) is the world’s paper company with mills in Europe, Latin America and North America. Our vision is to be the employer, supplier and investment of choice. We transform renewable resources into papers that people depend on for education, communication and entertainment. Headquartered in Memphis, Tennessee, we employ more than 7,000 colleagues. Net sales for the last 12 months ending June 30, 2021, were $3.2 billion. For more information, please visit Sylvamo.com.
What is Sylvamo's recent milestone as of October 2023?
As of October 2023, Sylvamo (NYSE: SLVM) has officially become an independent publicly traded company.
What activities did Sylvamo undertake to celebrate its spinoff from International Paper?
Sylvamo celebrated with events from Wall Street to its headquarters in Memphis, including ringing the trade bell at the NYSE and community initiatives.
What is Sylvamo's focus in terms of sustainability?
Sylvamo emphasizes its role as a steward of sustainable forests, combining the Latin words 'silva' (forest) and 'amo' (love).
How many employees does Sylvamo have?
Sylvamo employs over 7,000 colleagues across Europe, Latin America, and North America.
What were Sylvamo's net sales figures for the last 12 months up to June 30, 2021?
Sylvamo reported net sales of $3.2 billion for the 12 months ending June 30, 2021.
