International Paper's Big Pulp Bet in Russia
http://online.wsj.com/article/SB10001424127887324183204578567410469034722.html
When the chief executive of International
Paper Co. IP +0.38% arrived in a
private jet for his first visit to this Siberian city five years ago, he had to
wait three hours on a metal bench in the garagelike airport until someone showed
up to look at his passport.
Russia
has a reputation as a tough place for foreign companies to do business. But
that's not stopping Memphis-based International Paper from making a big bet on
Siberia. Paul Sonne and James R. Hagerty report.
John Faraci has
faced many more hassles as an investor in this remote and frigid city:
Squabbles with Russian partners in a joint venture, a bloated payroll, repeated
complaints over the smell of a wood-pulp production plant and enough crime so
that 5% of a Russian venture's workforce is devoted to security.