Sylvamo to suspend Russian operations

MEMPHIS, Tenn.–(BUSINESS WIRE)–Sylvamo (NYSE: SLVM) is beginning an orderly suspension of its operations in Russia. The suspension will focus on employee and contractor safety and environmental stewardship. It will be conducted in such a way as to allow a complete resumption of activities in an environment in line with the company’s values.

“We are suspending our operations in Russia,” said Jean-Michel Ribiéras, Chairman and CEO. “We are appalled by the suffering and loss of life in Ukraine, and we continue to hope for an immediate ceasefire agreement and a diplomatic resolution.”

The company is also announcing a $250,000 donation to the International Committee of the Red Cross to help the people of Ukraine.

Sylvamo will continue to evaluate various options for its operations in Russia, which could include a sale or an exit. The company will continue to comply with imposed legal restrictions and government sanctions. The announcement does not imply that Sylvamo is initiating bankruptcy or liquidation proceedings in Russia.

Income advice

On February 11, 2022, Sylvamo provided earnings guidance for the first quarter of 2022. The estimates included in this guidance were current as of the date indicated and are not updated or restated by this press release.

About Sylvamo

Sylvamo (NYSE: SLVM) is the global paper company with mills in Europe, Latin America and North America. Our vision is to be the employer, supplier and investment of choice. We turn renewable resources into the papers people depend on for education, communication and entertainment. Based 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 press 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 transactions in Russia will be suspended. , the subject of the suspension, our ability to resume operations in Russia, our continued evaluation of options in Russia, including a sale or exit, and our continued compliance with imposed legal restrictions and government sanctions. These forward-looking statements reflect Sylvamo’s current intentions, expectations or beliefs. These statements may be preceded, followed by or include the words “aims”, “anticipates”, “believes”, “estimates”, “expects”, “plans”, “intends”, “likely”, “prospects”, “plan”, “potential”, “project”, “projection”, “seek”, “may”, “could”, “may”, “should”, “would”, “will”, the negatives of these and other words and terms of the same meaning. Forward-looking statements include all statements that are not historical facts. These forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements. There can be no assurance that forward-looking statements will materialize. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of that date. Sylvamo undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.

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