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Sylvamo (NYSE: SLVM) is suspending operations in Russia to prioritize employee safety and environmental stewardship amid the ongoing conflict in Ukraine. The company has expressed deep concern over the humanitarian crisis and announced a $250,000 donation to the International Committee of the Red Cross for Ukrainian assistance. Sylvamo will evaluate its future operations in Russia, including potential exits, while adhering to legal restrictions and sanctions. The company reaffirmed that it is not initiating bankruptcy or liquidation proceedings in Russia.
Positive
The company is focusing on employee safety and environmental stewardship during the operations suspension in Russia.
A $250,000 donation to assist Ukraine enhances corporate social responsibility and public image.
Negative
Suspension of operations in Russia may lead to reduced revenue streams from that region.
The ongoing conflict and associated geopolitical risks could impact future business decisions and operational capabilities.
MEMPHIS, Tenn.--(BUSINESS WIRE)--
Sylvamo (NYSE: SLVM) is beginning an orderly suspension of operations in Russia. The suspension will focus on employee and contractor safety and environmental stewardship. It will be conducted in a manner to allow a resumption of full operations 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 company will 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.
Earnings Guidance
On Feb. 11, 2022, Sylvamo provided earnings guidance for the first quarter of 2022. The estimates included in such guidance were current as of the date given and are not being updated or reaffirmed by this news release.
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 7,500 colleagues. Net sales for 2021 were $3.5 billion. For more information, please visit Sylvamo.com.
Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements relating to the manner in which the operations in Russia will be suspended, the focus of the suspension, our ability to resume operations in Russia, our continued assessment of options in Russia, including a sale or an exit, and our continued adherence to imposed legal restrictions and government sanctions. These forward-looking statements reflect Sylvamo’s current intentions, expectations or beliefs. These statements may be preceded by, followed by or include the words “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,” “potential,” “project,” “projection,” “seek,” “can,” “could,” “may,” “should,” “would,” “will,” the negatives thereof and other words and terms of similar meaning. Forward-looking statements include all statements that are not historical facts. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. There is no assurance that any forward-looking statements will materialize. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of this date. Sylvamo does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.
