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Lumin will invest ~US$ 136 million to build its third industrial plant in Uruguay, which is expected to increase the country\u2019s plywood production.<\/p>\n
Following approval by Lumin\u2019s Board of Directors, which includes representatives of the BTG Pactual Timberland Investment Group (TIG) and British Columbia Investment Management Corporation (BCI), construction of the new plant will begin in the first quarter of 2023, with operations expected to commence the first quarter of 2026.<\/p>\n
The expansion is part of Lumin's strategy to capitalize on the growing global demand for sustainable timber products for the construction and furniture sectors.<\/p>\n
This new investment complements investments of US$ 48 million made over the last two years into the company\u2019s existing facilities, which includes the construction of a thin peel line and a new warehouse facility.<\/p>\n
\u00c1lvaro Molinari, Lumin\u2019s CEO, said: \"Lumin currently employs 780 people and produces 304,000 cubic meters of plywood per year at its two existing plants in Tacuaremb\u00f3. We expect this new plant to create 320 additional jobs and to expand Lumin\u2019s production capacity to nearly 500,000 cubic meters. Based on current figures, this would make Uruguay the second largest producer of plywood in Latin America.\"<\/p>\n
The new plant aims to capitalize on tree farms that Lumin has been sustainably managing for more than 15 years in the departments of Cerro Largo and Treinta y Tres.<\/p>\n
About Lumin<\/strong><\/p>\n Lumin is a leader in forestry and forest products in Uruguay. With more than 25 years of experience, Lumin manages 120,000 hectares of timberland in Uruguay in the departments of Rivera, Tacuaremb\u00f3, Cerro Largo and Treinta y Tres.<\/p>","protected":false},"excerpt":{"rendered":" Lumin will invest ~US$ 136 million to build its third industrial plant in Uruguay, which is expected to increase the country\u2019s plywood production. Following approval by Lumin\u2019s Board of Directors, which includes representatives of the BTG Pactual Timberland Investment Group … Continue reading