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Industrial|Packaging|Paper|Sustainable|Packaging
Industrial|Packaging|Paper|Sustainable|Packaging
industrial|packaging-company|paper|sustainable|packaging

Mondi completes acquisition of Turkish corrugated packaging company

1st June 2021

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

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Paper and packaging company Mondi on June 1 confirmed that it had completed the acquisition of 90.38% of the outstanding shares in Olmuksan International Paper for €66-million.

The implied enterprise value on a 100% basis would amount to about €88-million.

Acquired from International Paper, Olmuksan is a well-established corrugated packaging player in Turkey and is listed on the Istanbul Stock Exchange.

It has a network of five plants, which Mondi said “provides a diverse customer base with high-quality sustainable packaging for food, beverage, agriculture and industrial applications”.

Mondi CEO Andrew King commented that the acquisition “significantly strengthens” the company’s position in the fast-growing Turkish corrugated market and expands its offering to existing and new customers in the region.

Mondi will now launch a mandatory tender offer to acquire the remaining 9.62% of outstanding shares in the company that it does not already own.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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