SAO PAULO (From news reports) - Brazil's Suzano, the world's largest pulpmaker, is looking to expand its paper footprint internationally while continuing to increase production at home, the company's chief financial officer said.

Suzano's global expansion, however, won't come at any price, according to Marcelo Bacci.

"We are looking for good companies, but we will continue to be disciplined, setting a limit price to pay, because we can't make mistakes," he said in an interview.

Earlier this year, Suzano engaged in talks to buy U.S.-based International Paper, in a deal that could reach close to $15 billion. The firms, however, did not come to an agreement as IP decided to go ahead with negotiations to acquire British rival DS Smith, Bacci said.

"Talks are over, I do not see any possibility of resuming them now," the executive said, while noting Suzano is still open to new deals both in Brazil, where it is increasing pulp production, and abroad, where it is focusing on the manufacturing of different kinds of paper.

That is part of a strategy to move further downstream the value chain, he said.

On Sunday, Suzano started operating its Cerrado Project, the world's largest single pulp production line, which will reach an annual production of up to 2.55 million metric tons of eucalyptus pulp, increasing the company's capacity by more than 20% to 13.5 million tons a year.

A few weeks ago, the pulp and paper producer also made public its $110 million purchase of two industrial facilities from Pactiv Evergreen in the U.S. states of Arkansas and North Carolina, adding to its paperboard output capacity.

Analysts believe small acquisitions could be a good way for Suzano to further spread its international footprint without overpaying.

"After the unfortunate IP ordeal, which investors disliked, we believe several of these small bolt-on transactions into the paper and packaging business can gradually soothe investor concerns on capital allocation," BTG Pactual analysts said in a note to clients last week.

Earlier this year, Suzano also announced the purchase of a minority stake in Lenzing, an Austrian supplier for the textile industry.

While currently focusing on closing the recent deals, the company will continue to seek for new international opportunities, not only in the U.S. and Europe.

"It's not about having a regional preference, we are looking for deals that align with our strategy," said Bacci.

A global leader in pulp producing, Suzano is also one of the largest paper manufacturers in Latin America. The company, started in Brazil by a Ukrainian immigrant, is turning 100 years old in 2024.