SANTIAGO, Chile, Dec. 23 /PRNewswire-FirstCall/ -- MASISA S.A. (Santiago Stock Exchange: MASISA) (hereinafter referred to as "Masisa" or "the Company") sent today a significant event to the Superintendency of Securities and Insurance (SVS) informing that it has successfully finished the sale process of a sawmill and forestry lands it owns in Rio Negrinho, Santa Catarina state, Brazil.
Masisa formally awarded the sale of the sawmill and the forestry lands, with a total approximate area of 13,511 hectares of lands and an approximate surface area of 7,140 hectares of planted forests, to the Brazilian company Renova Floresta Ltda. related to an investment fund of foreign institutional investors managed by the US entity Global Forest Partners LP.
The sale considers a total and single price of US$70,250,000 for the sawmill and the forestry land, which shall be paid in cash upon signing the respective final purchase and sale deeds, which shall be signed no later than March 5, 2009.
The award of the aforementioned package of assets in the mentioned conditions means that Masisa will make a consolidated recognition of a one time financial income, before tax, of approximately US$3,500,000.
The proceeds obtained from this sale will be allocated in the short term to paying off the financial liabilities of the Company and in the mid term to financing a 3-year forestry investment plan.
About Masisa
Masisa is a leading furniture and interior architecture board production and marketing company in Latin America. It owns forest assets in most of the region, thereby guaranteeing the raw material for its board business. Masisa's value proposal is to be a reliable brand, and a company close to all its stakeholders, anticipating market needs by means of product and service innovation, and operating responsibly towards society and the environment.
Masisa has 13 production plants in Chile, Argentina, Brazil, Venezuela and Mexico, all of which will have the ISO 14,001 and OHSAS 18,001 certification. Masisa is currently building an MDP plant in Montenegro, Brazil, that will have an annual production capacity of 750,000 cubic meters of MDP and an annual melaminating capacity of 300,000 cubic meters. This plant will be the company's largest plant in Latin America, mainly for supply to the Brazilian market.
Masisa is a publicly traded corporation and its shares are traded on the Santiago Stock Exchange. The Company had total sales of approximately US$ 966 million in 2007.
Forecasts and Estimates
This press release may contain forecasts, which are different statements from historical facts or current conditions, and include the management's current vision and estimates of future circumstances, industry conditions and the Company's performance. Some forecasts may be identified by the use of terms such as "may," "should," "anticipates," "believes," "estimates," "expects," "plans," "intends," "forecasts" and other similar expressions. Statements about future market share, projected future competitive strengths, the implementation of significant operating and financial strategies, the direction of future operations, and the factors or trends affecting financial conditions, liquidity, or operating income are examples of forecasts. Such statements reflect the current management vision and are subject to various risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. These statements are made based on many assumptions and factors, including general economic and market conditions, industry conditions and operating factors. Any changes in such assumptions or factors could lead to the current results of Masisa, and the projected Company activities, to materially differ from current expectations.
For further information, please contact:
Investor Relations
(56 2) 350 6038
