Klabin, a paper producing, exporting and recycling company, agreed to acquire forestry business from Arauco, a wood pulp, engineered wood and forestry company, for $1.16bn. “This is a great opportunity in operational and financial terms, which will reduce the need to purchase third-party wood, increase the competitiveness of the Company's costs, and create value for its shareholders,” Marcos Ivo, Klabin CFO.