Jens Ulltveit-Moe was fed up with Trump’s customs grip, and sold his forestry business in Canada.
– Trump has introduced a 22 percent penalty duty on Canadian timber, which is affecting revenues dramatically, Ulltveit-Moe told Dagens Næringsliv.
It’s been nine years since investors got into Canadian timber, and now the business has sold for C$67 million, about 415 million kroner, the paper said.
That’s more than ten times the $5.5 million Ulltveit-Moe paid in 2009.
– What we’ve done here is basically what I’ve always tried to do; to invest in the opposite direction, investors told the newspaper.
forest owner
In 2009 investors bought ten million hectares of forest in Canada.
At that time, he was considering 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.
He has previously invested heavily in sugarcane plantations and bioethanol production plants in Brazil.
He pocketed one and a half billion kroner from his own pocket to start investing, which he himself believed would be financially rewarding and socially responsible.
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