Oji Holding Corporation, a Japanese pulp market giant, acquired 41,289 hectares in Uruguay.
The deal, worth nearly $300 million, sparked debates about a potential new pulp mill.
This single-payment transaction, totaling $287,598,326, marks one of the largest land purchases in the region.
Details include $140 million for the land and $148 million for forested areas.
The news, first reported in Montevideo’s “Agro de Búsqueda,” was confirmed by the National Institute of Colonization.
Speculation arose in May, with environmental groups suggesting a new pulp mill.
Oji Holding, owning 603,000 hectares globally, operates a significant pulp and paper mill in Brazil.
The acquisition, approved on April 25 by Uruguayan President Luis Lacalle Pou and Minister Fernando Mattos, aligns with the 2007 Law 18.092.
This law allows companies to own rural and agricultural properties.
Why does this matter? Uruguay, a strategic entry point to Latin American markets, gains importance with Oji Holding’s move.
The company, with $12.2 billion in 2022 revenue and over 35,600 employees, aims to expand further.
Various sectors, from environmental advocates to economic analysts, closely watch this investment’s developments.
Each phase could significantly influence Uruguay’s economy and environmental sustainability.
This acquisition highlights the balance of global business, local economies, and ecological stewardship.
More: Uruguay news in English, every day from The Rio Times.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief