Before last week, Syktyvkar was not on most investors’ lips, but now it looms large among followers of Mondi as the location of the company’s pulp, packaging paper and uncoated fine paper mill 750 miles northeast of Moscow. The site accounted for 12 per cent of Mondi’s total revenue in 2021, about €925 million, and a fifth of the group’s underlying €1.5 billion of earnings before interest, tax and other charges. While it is still operating, a much smaller Ukraine plant has halted activities.
Andrew King, Mondi’s chief executive, was quick to point out yesterday that Syktyvkar primarily served the Russian domestic market, yet in the present political climate the company may face calls to suspend, shut or sell Syktyvkar, any of which could
