Lumin

Lumin, a leading forestry and wood products company, has announced an investment of approximately US$136 million to build its third industrial mill in Uruguay. The project is expected to create over 300 new jobs and significantly increase the country’s sustainable plywood production.

The announcement was made in Melo, with the President of Uruguay, Luis Lacalle Pou, in attendance, alongside the Intendant of Cerro Largo, José Yurramendi, and Lumin CEO, Álvaro Molinari.

Following approval from Lumin’s Board of Directors, which includes representatives from BTG Pactual Timberland Investment Group (TIG) and British Columbia Investment Management Corporation (BCI), construction of the new mill will begin in the first quarter of 2023, with operations scheduled to start in the first quarter of 2026.

This expansion forms part of Lumin’s broader strategy to meet growing global demand for sustainable wood products across construction and furniture sectors. Lumin’s 120,000 hectares of commercial forests are independently certified to meet FSC® international standards for responsible forest management (FSC-C162602).

This new investment builds on the US$48 million the company has invested over the past two years in its existing facilities, including the construction of a Thin Peel plywood plant in Tacuarembó and a logistics storage hub near the Port of Montevideo.

Álvaro Molinari, CEO of Lumin, said:
“Lumin currently employs 780 people and produces 304,000 cubic meters of plywood annually at its two mills in Tacuarembó. This new plant is expected to add around 320 jobs and increase our total production capacity to nearly 500,000 cubic meters. Based on current figures, this would make Uruguay the second-largest plywood producer in Latin America.”

The new mill will draw on sustainably managed forest resources that Lumin has cultivated for over 15 years in the Cerro Largo and Treinta y Tres regions.

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About Lumin
Lumin is a leading forestry and wood products company based in Uruguay. With over 25 years of experience, it manages 120,000 hectares of forest across the Rivera, Tacuarembó, Cerro Largo, and Treinta y Tres departments. Lumin is dedicated to the sustainable production of plywood for international markets.
www.lumin.com

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About BTG Pactual Timberland Investment Group (TIG)
BTG Pactual (BPAC11) is Latin America’s largest investment bank, operating in investment banking, corporate lending, sales & trading, wealth management, and asset management. BTG Pactual Asset Management manages over US$100 billion in assets globally.

TIG, a division of BTG Pactual Asset Management, is one of the world’s largest and longest-standing timberland investment managers, overseeing US$5.6 billion in assets and 3 million acres globally as of Q4 2022. TIG is committed to delivering strong investment returns while upholding high environmental and social governance standards. With a 40-year track record and more than 100 professionals in 15 offices worldwide, TIG brings deep expertise to timberland investment management.
www.timberlandinvestmentgroup.com

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About BCI
British Columbia Investment Management Corporation (BCI) is one of Canada’s largest institutional investors, managing C$211.1 billion in assets as of March 31, 2022. Headquartered in Victoria, BC, with offices in Vancouver and New York, BCI invests in public and private equity, fixed income and private debt, infrastructure and renewable resources, and real estate through its independently operated platform, QuadReal Property Group.

BCI’s Infrastructure & Renewable Resources (I&RR) program, valued at approximately C$20.2 billion, invests in long-term tangible assets across the Americas, Europe, and Asia-Pacific. Its portfolio includes regulated utilities, energy, telecommunications, transportation, timberland, and agribusiness.
www.bci.ca