ENCE Energía y Celulosa, S.A. (BME:ENC) will seek M&A. Ignacio Brunet Executive Chairman said during the First Half 2022 Results Presentation, "Our very strong balance sheet gives us full flexibility to take advantage of multiple organic project growth opportunities. Our priority for the use of cash. While we are fully mindful of future project funding requirements, our strong balance sheet and our targeted leverage ratios should allow us to continue to pay a competitive dividend aligned with the free cash flow generation of the business.
We will continue to review M&A opportunities that meet our investment, returns target and create value for our shareholders".
Ence Energia y Celulosa SA, formerly Grupo Empresarial ENCE SA, is a Spain-based company engaged in the operation of pulp mills. The Company' activities are divided into two business units: Pulp and Energy. The Pulp business unit is subdivided into three segments: Pulp, manufacturing pulp and pulp derivatives, such as lignin and biomass, as well as co-generating energy; Forest Management, providing forest crops and wood raw materials, and Forest Services & Other, including residual business activities, as well as forest support services. The Energy business unit focuses on generating energy using forestry and agricultural biomass, as well as, thermos and solar electric energy generation. The Company operates pulp mills and power generation plants in Spain.
ENCE ENERGÍA Y CELULOSA, S.A. 
