Mondi acquires German nonwoven composites group for €54m
Packaging and paper group Mondi has inked a deal to fully acquire nonwoven fabrics and composites producer Ascania Germany from private equity investment group Schloss Neugattersleben for €54-million on a debt-and-cash-free basis.
Ascania, which operated from a single site based in Aschersleben, Germany, produced nonwoven products that were primarily used as components in personal care products and was a key supplier of nonwovens for diaper elastic laminates to Mondi.
The business employed around 150 people and would be integrated into Mondi’s Consumer Packaging Business Unit.
For the 12 months ended May 31, Ascania generated unaudited revenues of €53-million and earnings before interest, taxes, depreciation and amortisation of €9.5-million.
Commenting on the acquisition, Mondi CEO David Hathorn said in a statement that the acquisition supported the development of the group’s consumer packaging business and would strengthen it’s position as a supplier of hygiene components, such as elastic laminates for diapers..
“The deal will also enable further growth with innovative products for baby diapers, adult incontinence, feminine care and medical applications,” he outlined.
The transaction remained subject to competition clearance and was expected to be complete by the fourth quarter of this year.
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