Sylvamo Releases Third Quarter Earnings

John Sims, Chief Executive Officer of Sylvamo

“As we announced earlier this morning, we entered into a put option agreement with Midas Atlantic Partners, in partnership with The Najafi Companies, for a binding offer to acquire our Europe business, including our uncoated freesheet paper mills in Saillat, France, and Nymolla, Sweden, as well as our forestry and supporting business operations. We believe this potential transaction represents an important strategic step for our Europe business and Sylvamo. In Europe, it would create the opportunity to move forward with an owner experienced in corporate carve-outs and positioning businesses for long-term success. After the proposed transaction, Sylvamo would be a more focused company, with greater ability to invest in our business, strengthen our performance and pursue world-class excellence. We believe that focus will make us a stronger company and better position us to create sustainable value for our employees, customers and investors. Our long-term strategy and investment thesis is unchanged: we are focusing on uncoated freesheet, investing to strengthen our competitive advantages and leveraging our strengths to generate high returns on invested capital. Our Europe business is now reported as discontinued operations. Unless otherwise noted, all results and comparisons are for continuing operations excluding Europe. Prior periods have been recast.”