International Paper sold a stake in the Ilim group to Russian shareholders
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Russian shareholders bought out 50% of the shares in Ilim SA, owned by the American company International Paper. About it reported press service of the Ilim group.
The securities were acquired by Ilim Global Timber Rus, which is owned by investor in the timber and pulp and paper industries Zakhar Smushkin and his business partner Boris Zingarevich.
“As a result of the transaction, control over the assets of the former joint venture was transferred to Russian shareholders,” the statement said.
Ilim is the largest pulp and paper producer in the country. The group owns plants in the Irkutsk and Arkhangelsk regions, as well as branches in Ust-Ilimsk, Bratsk and Koryazhma, corrugated plants and logging enterprises in the Moscow and Leningrad regions. According to its own data, the company produces 77% of all Russian commercial pulp, 16% of packaging materials and 25% of white paper. The total volume of products produced in 2022 amounted to 3.63 million tons.
International Paper bought a 50% stake in the Ilim group in 2007 for $650 million. This became the largest partnership with foreign participation in the Russian forestry industry. About the intention to sell its share of International Paper stated in spring 2022
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