Fibria May Sell Piracicaba Plant to OJI for $313 Million
Fibria Celulose SA (FIBR3), the world’s largest pulp producer, said it may sell its Piracicaba plant in Brazil to OJI Paper Co. for $313 million.
OJI, based in Tokyo, has been granted exclusive acquisition rights until Sept. 29, Sao Paulo-based Fibria said today in a Brazilian regulatory filing. The sale is pending an audit of the unit by OJI, among other items, according to the statement.
Fibria plans to use the proceeds from the sale to pay off debt, Chief Financial Officer Joao Elek said in a May 25 interview. The paper maker obtained an $800 million bank loan that month. Second quarter profit rose 67 percent after the appreciation of the Brazilian real cut its dollar-denominated debt and pulp production increased, the company said last month.
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