Oji Holdings Corporation 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 for $288 million.
OUFC has also received approval from the Ministry of Livestock, Agriculture and Fisheries and the President's Office of Uruguay to become the owner of the forest plantation.
Under its Environmental Action Program 2030, Oji has set a target of reducing greenhouse gas (GHG) emissions by 70% in FY 2030 compared to FY 2018. As part of its efforts to achieve this goal, Oji is expanding its forest plantation in Japan and overseas. Oji's target is to expand the area of its overseas production forests from 279.000 ha in FY 2022 to 400.000 ha by FY 2030. The acquisition of forest plantation in Uruguay will increase the total area by approximately 41.000 ha.
