Brazil's Celulose Irani to invest 820 million Brazilian reais to boost annual containerboard capacity by 86,400 tonnes at its Santa Luzi paper mill, packaging paper by 135,000 tonnes, containerboard by 24,000 tonnes at its Santa Luzi mill
, May 22, 2014 (Valor Economico) – Celulose Irani, the pulp and cardboard manufacturer 90% belonging to from Habitasul group should invest R$820mil over the next five years expanding the capacity of its plants in Santa Catarina and Minas Gerais state. Eventually it could bring in a minority partner aboard, with the investments budget to be halved into debts and equity, comments financial manager Odivan Carlos Cargnin. Irani had in 2013 a R$604mil turnover and was preparing the floating of shares, but held back the move due to market conditions. Plans are to invest R$220mil in Santa Luzia (MG) expanding capacity from 60,000 to 86,400 mtpy of cardboard, while it would also set up a new 60,000 mtpy unit there. Vargem Bonita (SC) is to receive R$600mil investments expanding the packaging paper capacity by 135,000 mtpy and corrugated cardboard by 24,000 mtpy. After these projects Irani would be running 495,000 mtpy of packaging paper from previous 274,000, while corrugated paperboard would go from 234,000 to 318,000 mtpy.