Sylvamo Corporation reports developments for an uncoated papers company with mills in Europe, Latin America and North America. The company produces uncoated freesheet papers for copy and printer use, commercial printing, converting and specialty applications, and also produces market pulp.
Recurring news for SLVM includes quarterly and annual earnings, regional segment conditions, mill operations, strategic investments, product supply and cost pressures tied to energy, chemicals, diesel and ocean freight. Company updates also cover dividend declarations, capital allocation, cash returns to shareowners, investor conference participation, and board or executive leadership changes.
On October 1, 2021, International Paper Company (NYSE:IP) completed the spin-off of its global printing papers business, now known as Sylvamo Corporation (NYSE:SLVM). Shareholders received one share of Sylvamo for every eleven shares of International Paper held. Post-spin-off, International Paper retains approximately 19.9% ownership in Sylvamo. The spin-off is positioned to enhance strategic focus and long-term value for both companies. Sylvamo shares began trading on NYSE under the symbol SLVM, with tax-free treatment for U.S. federal income tax purposes for stockholders.
International Paper Company (NYSE:IP) announced a spin-off and distribution of approximately 80.1% of Sylvamo Corporation (NYSE:SLVM) shares, effective October 1, 2021. Shareholders of record by September 15, 2021, will receive one share of Sylvamo for every eleven shares of International Paper held. No fractional shares will be issued; instead, fractions will be sold with proceeds distributed in cash. Sylvamo shares began trading on a 'when-issued' basis on September 14, 2021. The spin-off is subject to conditions and may be canceled if deemed unbeneficial.