Navigator Company SA, formerly Portucel SA, is a Portugal-based company primarily engaged in the paper manufacturing operations. The Company's activities are divided into four segments: Paper, Pulp, Energy and Forestry. The Paper segment offers uncoated printing and writing paper. The Pulp division provides bleached eucalyptus pulp. The Energy area mainly produces power from biomass fuels in the process of cogeneration, as well as produces heat for internal consumption. The Forestry segment is responsible for the maintenance of eucalyptus nurseries. Furthermore, the Company offers office and offset paper under various brand names, such as Navigator, Pioneer and Inacopia. The Company is a subsidiary of Semapa Sociedade de Investimento e Gestao SGPS SA.