March 18, 2016 / 9:41 PM / in 3 years

Chile's Empresas CMPC says its president will step down

SANTIAGO, March 18 (Reuters) - Eliodoro Matte, president of Chilean wood pulp company Empresas CMPC, will step down from his post next month, the company said in a note to Chile’s SVS securities regulator on Friday.

“Eliodoro Matte Larrain has formally communicated to the company his decision not to apply for the post of director of Empresas CMPC in the election that will take place at the shareholder meeting in April,” the company said in the note.

The note said Matte had held the post since 2002.

CMPC has forestry and wood pulp operations in Chile, Argentina, Brazil, Colombia, Mexico, Peru, and Uruguay.

Chile’s competition regulator said in October that CMPC had colluded with PISA, purchased by Swedish-owned SCA in 2012, for at least a decade to control nearly 90 percent of Chile’s toilet paper and tissue sales and keep prices higher. SCA was fined $15.5 million, while CMPC escaped punishment because it admitted wrongdoing in March.

In December, Peru’s consumer regulator said it could sanction Kimberly-Clark Corp with a fine of up to 12 percent of its earnings after competitor CMPC reported the two toilet paper companies fixed prices for years. (Reporting by Gram Slattery)

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