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Media | News
10.08.09 - Fibria concludes sales agreement of Guaíba Unit
US$1.43 billion transaction strengthens resume of growth of world leader in market pulpSão Paulo, 8th of October, 2009 – Fibria, the result of the union of Aracruz Celulose and Votorantim Celulose e Papel (VCP), announced today the conclusion of the sales agreement of its Guaíba Unit, in Rio Grande do Sul State, to the Chilean group CMPC. The deal amounted to US$ 1.43 billion, not including US$ 180 million corresponding to EPC (engineering, procurement and construction) contracts that may be used by Fibria in its future expansion projects. The operation is expected to be closed by December 15, 2009.
"It was a great and timely deal", stated Carlos Aguiar, Fibria's president. "Besides the injection of important resources on its cash flow to optimize Fibria's capital structure, the sale will allow Fibria to resume highly profitable projects aligned with its sustainable growth strategy", he completed. The amount of the transaction represents about 11.2 times Fibria's 2009 EBITDA.
Moreover, the operation will allow stretching of the company's debt profile, creating favorable circumstances for the recovering of its investment grade, and possibly making the anticipation of projects. "This deal will allow Fibria to get back to doing its forestry investments in 2010 and its industrial investments in 2011, like Veracel II, according to market conditions at the time, for example", said Aguiar.
Negotiations over the Guaíba Unit have involved a pulp mill with production capacity of 450 thousand tons per year, a paper mill with production capacity of about 60 thousand tons/year and 212 thousand hectares of land (32 thousand of which are leased under partnerships). The payment for the transaction will be US$ 1 billion on December, 15th, 2009, and US$ 430 million until January, 30th, 2010.
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