UPM to invest $2.7bn in a new facility in Uruguay

By Bruno Reis

The Finnish pulp and paper company, UPM, has announced plans to develop a greenfield eucalyptus pulp mill near Paso de los Toros, Uruguay.

The 2.1mn tonne facility will grow the firm’s capacity by more than 50%, seeing a significant increase in scale and future earnings.

The firm will invest US$2.7bn into the project, and spend an additional $350mn in port operations in Montevideo and local facilities in Paso de los Toros.

The facility, which is anticipated to be operational by the second half of 2022, is expected to offer best available techniques and efficient logistics.

SEE ALSO:

“During the past decade UPM has developed additional plantation areas in Uruguay and created a market driven pulp business with wide customer base in growing end uses,” commented Jussi Pesonen, President and CEO of UPM.

“At the same time, we have consistently improved our financial performance and achieved a truly industry leading balance sheet.”

“We are now in an excellent position to take this transformative step and capture the opportunities of attractive, growing markets in a sustainable and highly competitive way.”

Share
Share

Featured Articles

Abu Dhabi Airports prepares for Terminal A opening

A decade in the making, Abu Dhabi International Airport welcomes 6,000 volunteers to test operational readiness of stunning new Terminal A building

Business Chief expands portfolio with new look and coverage

Business Chief Middle East & Africa launches with fresh new look and extended coverage of the region, with exclusive executive interviews and insights

How Octopus Energy grew to become an industry giant

Octopus Energy continues to grow after a deal was agreed to acquire Shell Energy in the UK and Germany, taking its customer base to almost seven million

Perkbox CEO: How to support employees through tough times

Human Capital

How Middle East is embracing the future of digital finance

Corporate Finance

UAE Lulu Group shifts business for global growth and IPO

Corporate Finance