SAO PAULO (From news reports) - Brazilian pulpmaker Klabin is set to invest up to 1.57 billion reais ($286.95 million) in a new corrugated box plant in Sao Paulo state, the company said.

The new unit, called Figueroa, will be built in the city of Piracicaba and will have an annual production capacity of 240,000 tons of corrugated boxes, Klabin said in a securities filing.

Figueroa is scheduled to start its operations in the second quarter of 2024.

The investment, which includes around 200 million reais in recoverable taxes, will be carried out between 2022 and 2024. Klabin will use its cash position to pay for the unit.