Mondi Group signs agreement to acquire Powerflute

22nd December 2017 By: African News Agency

Mondi Group signs agreement to acquire Powerflute

Packaging and paper company Mondi Group said on Friday it had signed an agreement to acquire 100% of the outstanding shares in Powerflute Group, a division of Nordic Packaging and Container Holdings for €365-million.

Powerflute operates an integrated pulp and paper mill in Finland with an annual production capacity of 285 000 t of high-performance semi-chemical fluting.

“The acquisition of Powerflute supports our strategy of investing in high-quality packaging and paper assets. We are excited by this opportunity to expand our customer offering by further broadening our container board product range and geographic reach,” Mondi group CEO Peter Oswald said.

The company said the transaction was subject to competition clearance and customary closing conditions and expected to complete in the first half of 2018.