Klabin form partnership with Timo to forestry production in Santa Catarina

São PAULO Klabin reported having completed Thursday the formation of a partnership with the Timber Investment Management (Timo) to explore forestry activities in Santa Catarina. The society, named Guaricana reforesting company, received from Klabin a contribution of 4,511 hectares of planted forests of Pinus (does not include lands), while Timo docked 191.6 million reais in cash. Klabin will have 69,5% of society. The Guaricana hit the purchase of 11,541 acres of land in Santa Catarina, and 7,644 acres of area for planting, with 7,141 are already planted. " The SPE will use the resources contributed to the acquisition and to fund their working capital needs, "says excerpt from the communiqué of the Klabin, who will have right of first refusal on the purchase of forest production of Guaricana." Combined with the solid base of Klabin's forestry in mountainous region of SC, where it has about 60000 hectares of planted forests, production of the SPE will elevate the availability of wood for Klabin in the region efficiently did not require capital allocation for the acquisition of assets, "says the statement.