Brazil’s J&F sells Eldorado to Paper Excellence

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BRASÍLIA: Scandal-plagued Brazilian company J&F Investimentos sold its Eldorado paper pulp company to Paper Excellence of the Netherlands for $4.76 million, the companies said Saturday.

The operation will be completed in a maximum period of 12 months, they said.

The purchase means that Paper Excellence will add 1.7 million tons of pulp to its annual production, which currently stands at 2.3 million.

“We always had Brazil on our radar for being a country with a differentiated position in the global scenario of the sector,” said the company, which also has activities in Canada and Europe.


J&F Investimentos group is controlled by brothers Joesley and Wesley Batista, who built their fortune in the meat business and this year confessed to multiple crimes.

JBS chairman Joesley Batista caused a major political uproar in June when he handed to authorities, in connection with a wide-reaching corruption scandal, an audio recording in which President Michel Temer appeared to condone the payment of hush money to a former lawmaker now in prison.

The chairman’s remarks were made in his first interview since he clinched a plea bargain deal with authorities as the nationwide anti-graft operation codenamed “Car Wash” began targeting his business dealings.

Batista agreed to cooperate in exchange for avoiding a conviction.

Temer, 76, denies the allegations.

AFP

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