(Bloomberg) -- The world’s top wood pulp exporter, Suzano SA, is in the midst of a buying spree — and its top finance executive says it doesn’t have plans to slow down.

The Brazilian company, which on Wednesday announced plans to take a 15% stake of Austrian textile maker Lenzing AG for €230 million ($247 million), still has appetite for more acquisitions, Chief Financial Officer Marcelo Bacci said in an interview.

The Lenzing deal “does not reduce the possibility of the company doing other things,” Bacci said. The purchase doesn’t impact its leverage levels and Suzano has the money for that transaction available in cash, he added.

Suzano has also been vying to buy International Paper Co. in a multi-billion dollar deal. Different from the Lenzing stake acquisition, an agreement with IP would require Suzano to go heavier on debt. While not commenting on the IP case specifically, Bacci said the company is committed to keeping its investment-grade status.

The company’s recent push to expand comes as its core business of paper-grade pulp sees increased competition from new mills starting up in South America. The IP deal would help Suzano move further down the supply chain, including by adding a corrugated packaging arm, while the Lenzing investment helps it enter a new market altogether: textiles.

Wood-based products like viscose today represent just a small share of the global textile market, accounting for 7 million metric tons a year in a 110-million-ton industry, Bacci said. Still, Suzano’s presence as a shareholder could help Lenzing capture a bigger share of that market, he added.

Lenzing’s shares climbed as much as 16% after the news of the deal. That’s the largest jump since November 2022. Suzano shares swung between gains and losses in Sao Paulo.

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