The business case for manufacturing in Brazil is not about optimizing labor costs but about getting inside a complex duty system.

We have a good business in Brazil and an internal study shows a second paper machine would be profitable. Still, we have had to postpone the investment decision due to the tax changes which haven't been carried out.

It was very fashionable to talk about China in 2004, but in 2005 we had questions from people who had outsourced to China and were deciding to pull back closer to their markets.

If the market is the U.S., then Mexico and China are very close in cost.

To some extent, this is also true in China.

We have been in Russia since 1997.