Japan's Oji Sets Up Forest Plantation Company in Uruguay

Economy

Tokyo, May 15 (Jiji Press)--Japanese paper maker Oji Holdings Corp. has announced the establishment of a company in Montevideo, the capital of Uruguay, for forest plantation acquisition.

Oji Uruguay Forest Company SAS will buy a plantation straddling the northern Uruguay departments of Tacuarembo and Rivera for 288 million dollars, according to the announcement Tuesday.

The acquisition increases the total area of the Oji Holdings group's forest plantations by about 41,000 hectares.

Oji Uruguay Forest will engage mainly in afforestation and timber sales.

To reduce its greenhouse gas emissions, Oji Holdings is expanding its forest plantations abroad. It aims to boost the total area to 400,000 hectares by fiscal 2030.

[Copyright The Jiji Press, Ltd.]

Jiji Press