April 16, 2019 / 10:18 PM / 2 months ago

Brazil's paper producer Klabin to spend $2.3 bln in expansion -filing

SAO PAULO, April 16 (Reuters) - Brazilian paper producer Klabin SA said on Tuesday that its board approved a 9.1 billion-real ($2.3 billion) Containerboard expansion project.

Klabin expects to build the Puma II project in the southern state of Parana between this year and 2023. Klabin will build two new paper machines, with production of integrated pulp, in the same industrial unit in the city of Ortigueira.

In a securities filing, Klabin said most of the investment will be funded by its cash flow, but the project may also require debt.

$1 = 3.9043 reais Reporting by Tatiana Bautzer

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