Mondi to acquire Turkish corrugated packaging company
Paper and packaging company Mondi will acquire a 90.38% interest in Turkish corrugated packaging company Olmuksan International Paper from International Paper for €66-million.
The implied enterprise value on a 100% basis would amount to about €88-million, Mondi said in a statement on January 5.
Following the completion of the transaction, Mondi will launch a mandatory tender offer to acquire the remaining 9.62% of outstanding shares in the company held by minority shareholders.
Olmuksan’s network of five plants provides a diverse customer base with high-quality sustainable packaging for food, beverage, agriculture and industrial applications, Mondi explained.
For the 12 months ended September 30, 2020, Olmuksan produced 256 000 t of corrugated packaging and generated revenues of €150-million.
Mondi has operated successfully in Turkey for many years and has developed a strong understanding of the market and its long-term opportunities. The company’s current Turkish footprint includes four corrugated packaging plants and a recycled containerboard paper mill, as well as three flexible packaging sites.
“Leveraging our expertise and experience in this market, together with our global virgin and recycled containerboard portfolio, we expect to generate significant operational improvements and paper integration upside,” Mondi CEO Andrew King commented, adding that the “unique opportunity” would significantly strengthen the company’s position in the Turkish corrugated market and expand the company’s offering to existing and new customers in the region.
The transaction currently remains subject to competition clearance and other closing conditions and is expected to complete in the first half of this year.
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