International Paper to consider stake sale in Russia’s Ilim Group

(Reuters) – Renewable fiber-based products maker International Paper said on Friday it was exploring options for Russian paper producer Ilim Group, including a possible sale of its 50% stake.

International Paper said it 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, said last year that it was considering an initial public offering (IPO).

(Reporting by Nathan Gomes in Bengaluru; Editing by Amy Caren Daniel)