Santiago, Chile 11 September 2017 -- (From news reports) -- Chilean forestry company Arauco has reached an agreement to buy two wood panel plants in Brazil from competitor Masisa, in a deal worth $102.8 million, the company said.

Arauco, a division of industrial conglomerate Empresas Copec, is acquiring one plant in the state of Parana and another in Rio Grande do Sul, the company said in a note to Chilean regulators. The transaction makes Arauco the second largest producer of wood panels in the world and comes as Masisa carries out a divestment plan in Brazil, as well as Argentina and Mexico.

The deal comes a month after exclusive negotiations by Arauco to acquire Brazilian pulpmaker Eldorado J&F Investimentos SA failed over price disagreements.