Review of investment program, reduction of operating costs and expenses and canceling of dividend payments are among the announced measures

Aracruz Celulose, the world’s leading producer of eucalyptus pulp, has decided to adjust its growth strategy to the new scenario foreseen for the forthcoming years as a result of worsening of the systemic crisis in the global financial market and accompanying restrictions to lines of credit and financing, which also have become more expensive, coupled with the cooling off of the main economies.

Among the main measures that were announced to the market today (October 17) along with the third quarter’s results, was the temporary halting of the investments in the Guaíba II Project (RS) and the purchase of land and forestry development for the Veracel II (BA) and Minas Gerais projects. With these measures, Aracruz is expecting to reduce its capital expenditures through 2009 by approximately US$900 million.

via Aracruz Celulose – Aracruz slows down growth pace to face worldwide crisis.

« »