International Paper Sells Russia-based Joint Venture to Local Shareholders
Reuters reported on Monday (9-18-23) that International Paper, a renewable fiber-based products manufacturer, has sold its 50% stake in a Russia-based joint venture to local Russian shareholders, its JV partner Ilim Group said on Monday.
Ilim named Ilim Global Timber Bus, owned by Zakhar Smushkin and Boris Zingarevich, as the buyer and said the transaction had obtained all required regulatory approvals. Ilim said control over former JV assets have been transferred to the Russian shareholders as a result of the transaction, according to Reuters.
International Paper and Ilim Group have been strategic partners within the JV since 2027. Ilim Group has not disclosed the financial terms of the deal.
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