Packaging and paper group Mondi will acquire a 90% interest in Turkish consumer packaging company Kalenobel for €90-million.
“The acquisition of Kalenobel supports the growth of our consumer packaging business,
broadening our product portfolio and geographic reach to better serve our customers in high-growth markets,” Mondi CEO David Hathorn said in a statement on Thursday.
Kalenobel, which is headquartered in Istanbul and operates two manufacturing sites in the city, manufactures flexible consumer packaging for ice cream and other applications, as well as aseptic cartons.
It serves international fast-moving consumer goods companies, as well as regional food and beverage producers and exports about half of its products to Western Europe, the Middle East and North Africa.
The transaction remains subject to competition clearance and other conditions and is expected to be concluded in the second half of this year.