SAO PAULO (From news reports) - Brazilian pulpmaker Klabin's board approved a 1.66 billion reais ($301.2 million) investment in the modernization of its Monte Alegre plant, it said in a securities filing.

According to Klabin, the money will go towards the installation of a new recovery boiler with "cutting-edge technology."

The company said it will allocate the resources from 2024 to 2027, adding the investments for the installation were already included in previous capital expenditure estimates it had released for the next few years.

Klabin will pay part of the amount, some 180 million reais, through recoverable taxes, according to the filing.

The recovery boiler operations are expected to begin in the fourth quarter of 2026, the company added.