The hottest international paper and Ilim completed

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International paper and Ilim completed the establishment of a joint venture

International Paper (nyse: IP) and Ilim holding S.A. have completed the work of previously announcing the establishment of a joint venture with 50% shares held by both parties. This inaccurate positioning is the largest domestic and foreign joint venture alliance in the field of forestry in Russia. The joint venture will be operated under the name of Ilim group (Ilim)

in order to establish the joint venture, American International Paper Company purchased 50% equity of Ilim holding, S.A., with a total value of about 620million US dollars. In June, the transaction was approved by the Russian Federal antimonopoly service, and the two partners signed a final agreement on the transaction in August

John Faraci, chairman and CEO of American International Paper Company, pointed out that the establishment of joint ventures with 50% shares is a real strategic milestone for international paper company. Both parties have brought important strength and expertise to the joint venture. We are very optimistic about the success of the new partnership in the future

Mary lashinger, senior vice president and President of the European region of international paper company, said: we are very happy to start cooperation with Ilim and work hard together to replace the broken spring relay with the spare spring relay to promote the continuous development of this business. We believe that the joint venture has all the factors necessary for success: excellent management, smart and hardworking employees, a solid asset base with development prospects, and a strong supply position in the high-speed growth market

Zakhar smushkin, chairman of Ilim group, said: today, we begin to write a new chapter in the history of Ilim group and the entire Russian paper industry. We have established an unprecedented alliance in our industry, which will become the dynamic growth center of the entire forest products industry in Russia. This is a response to the challenges of the global market and the calls from the Russian President and the government of the Russian Federation. Our products will be able to meet the growing needs of the Russian market for excellence, especially in the government, society and schools to cooperate with the demand for quality paper products and packaging products, and also solve the problem of import substitution. Five years later, one of every four sheets of paper in the Russian market is produced by our company, and one of every three corrugated boxes is made by our company

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