Jens Ulltveit-Moe was fed up with Trump’s tariffs, and sold his forestry business in Canada.
– Trump has introduced a punitive 22 percent tariff on Canadian timber, which affects revenues dramatically, Ulltveit-Moe told Dagens Næringsliv.
It’s been nine years since investors entered Canadian timber, and now the business has sold for C$67 million, about NOK 415 million, the paper said.
That’s more than ten times the 5.5 million Canadian dollars Ulltveit-Moe paid in 2009.
– What we’ve done here is basically what I’ve always tried to do; to invest on a counter-cyclical basis, investors told the newspaper.
Forest owner
In 2009 investors bought ten million hectares of forest in Canada.
At that time, he considered producing biodiesel.
– The technology currently doesn’t exist to develop biodiesel from wood, but the hope is to make it happen in the long term, he told E24 at the time.
Previously, he had invested heavily in sugarcane plantations and bioethanol production plants in Brazil.
He pocketed NOK 1.5 billion out of his own pocket to start a business, which he himself believed would be financially rewarding and socially responsible.
Read also
Lost the battle to Norske Skog: – It would be beneficial to have a Norwegian owner
Read also
– Important for capitalism
Read also
Ulltveit-Moe and 78 other Tesla owners sued
“Aficionado Twitter ninja. Infuriatingly humble problem solver. Gets dropped a lot. Web geek. Bacon aficionado.”
