CMPC Buys Brazil Tissue Maker

CMPC Tissue, a unit of Chile’s Empresas CMPC, says it is acquiring Brazil’s Melhoramentos Papeis from Melpaper for about $162m. Melhoramentos, says CMPC, has a 10% market share in Brazil and $190m in annual sales. The deal is expected to close June 1. Gonzalo Garcia, general secretary of CMPC, says that the transaction is being paid for using proceeds from the company’s recent bond issue and cash. He adds that no outside financial advisors were used. Besides the acquisition, Garcia says CMPC is investing $60m to build a paper plant near Bogota. Last year, CMPC bought diaper maker Drypers Andina in Colombia.