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Farmlandgrab reports how Japan's Oji sets up forest plantation company in Uruguay

Japanese paper maker Oji Holdings Corp. has announced the establishment of a company in Montevideo, the capital of Uruguay, for forest plantation acquisition.

  farmlandgrab.org
Farmlandgrab reports how Japan's Oji sets up forest plantation company in Uruguay

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. 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.

Oji Holdings establishes Oji Uruguay Forest Co., signs transfer agreement with The Rohatyn Group to acquire forest plantation in Tacuarembo and Rivera departments; move to increase company's total area of overseas production forests by about 41,000 ha.

Oji Holdings Corporation (President: Hiroyuki Isono, Head Office: Chuo-ku, Tokyo) announces the establishment of Oji Uruguay Forest Company S.A.S* (OUFC) in Uruguay and signing of an asset transfer agreement with The Rohatyn Group, a US asset manager, to acquire forest plantation in the Tacuarembo and Rivera departments in the northern part of the country. OUFC has also received approval from the Ministry of Livestock, Agriculture and Fisheries (Ministerio de Ganadería, Agricultura y Pesca) and the President’s Office of Uruguay to become the owner of the forest plantation. 

1. Background
Under its Environmental Action Program 2030, Oji has set a target of reducing greenhouse gas (GHG) emissions by 70% in FY2030 compared to FY2018. As part of our efforts to achieve this goal, we are expanding our forest plantation in Japan and overseas. Our target is to expand the area of our overseas production forests from 279,000 ha in FY2022 to 400,000 ha by FY2030. The acquisition of forest plantation in Uruguay will increase the total area by approximately 41,000 ha. Since the enactment of the Forestry Law in the late 1980s, Uruguay's forest plantations have flourished, expanding the area of forest plantations, while sawmills and pulp mills have been constructed, and export industries have developed, including those to North America and Asia. We will continue our efforts to expand our forest plantations to achieve our Environmental Action Program 2030 and promote the increase of CO2 net absorption by forests toward net zero carbon. We will also continue and expand our efforts to promote sustainable forest management to enhance the multifaceted functions of forests and to conserve and restore ecosystems, aiming to contribute to the achievement of Nature Positive World. We will further enhance our resource and environmental business overseas through the use of timber obtained from the forests.

2. Outline of OUFC
Company Name Oji Uruguay Forest Company S.A.S. Head Office Location Montevideo, Uruguay. Business Plantation and timber sales.

3. Overview of plantation to be acquired
  • Area Total area 41,000 ha
  • Acquisition price 288 million USD
  • Planted species Eucalyptus and pine
4. Impact on the Financial Results in the Current Fiscal year
This matter will have a minor impact on the forecast of financial results for the fiscal year ending March 2025.

*The current name of OUFC is Oji Uruguay S.A.S., which will be renamed in the future.

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