SCA acquires 10 000 hectares of forest land in Latvia
Sweden-headed forest industry major SCA has announced that it has acquired 10 000 ha of forest and land assets in Latvia from Latvian Forest Company for SEK 260 million (≈EUR 26.2 million). The standing timber volume amounts to one million m3.
In February 2019, SCA announced that its subsidiary CETSCA had signed a non-binding Letter of Intent (LoI) with Latvian Forest Company to acquire forest land in Latvia. According to a statement, SCA has now acquired the subsidiaries of Latvian Forest Company that own forest and land assets in Latvia, in total 10 000 hectares (ha) for SEK 260 million (≈EUR 26.2 million).
The assets comprise 7 600 ha of productive forest land, 2 000 ha of farmland and 800 ha of other land. The standing timber volume amounts to one million m3. Some of the other land assets are also suitable for conversion to forestry.
We have been in the Baltic states for a long time as a buyer of timber. The Baltic states are a natural part of the base for our raw material supply and our operations there are strengthened by a forest asset of our own. We may well consider more acquisitions of forest land in the Baltics, said Jonas Mårtensson, President SCA Forest.