International Paper to explore strategic options for ownership interest in Ilim Group

International Paper is exploring options for Russian paper producer Ilim Group, including a possible sale of its 50% stake. International Paper has no intention to seek the suspension of operations or initiate any liquidation or bankruptcy proceedings with respect to the group.

The move comes as a host of other companies ranging from McDonald’s Corp to Caterpillar Inc suspended their operations in Russia after the country’s invasion of Ukraine.

Ilim Group, a 50/50 joint venture between International Paper and Ilim Holding that was formed in 2007, last year it was considering an initial public offering (IPO).