February 8, 2021 By P&PC Staff
Paper Excellence has received approval to fully acquire the Brazilian-based pulp producer Eldorado Brasil Celulose.
The company, headquartered in Richmond, B.C., already owns 49.41 per cent of Eldorado.
The acquisition, approved by the International Chamber of Commerce arbitration court, will be completed under the terms of the agreement between Paper Excellence and J&F Investimentos that was entered into in 2017.
Eldorado, with headquarters in Três Lagoas, in Mato Grosso do Sul, is one of the world’s largest pulp producers.
“We welcome Eldorado’s employees and all of its stakeholders to Paper Excellence,” says Claudio Cotrim, managing director of Paper Excellence in Brazil.
“We are a strong and experienced organization fully dedicated to maximizing our businesses’ potential in the pulp and paper markets. Our immediate focus with Eldorado will be to integrate it seamlessly into the Paper Excellence Group, including evaluating how best to invest in expanding its capacity in a timely manner.”
With the incorporation of Eldorado Celulose, Paper Excellence will have approximately 7,000 employees worldwide and an annual production capacity of 5.3 million tons of pulp and paper.
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