22nd May 2015 11:07
LONDON (Alliance News) - Mondi Ltd Friday said it has signed a deal to acquire two extrusion coating sites from Walki Group for a total of EUR60 million cash.
The packaging and paper group will acquire the sites, one based in Finland and the other in Poland, on a debt and cash free basis. In the year ended April 30, 2015, the two operations generated pro-forma consolidated adjusted revenue of EUR113 million to produce pro-forma adjusted earnings before interest, tax, depreciation and amortisation of EUR9 million.
Extrusion coating is the coating of a molten web of synthetic resin onto a substrate material. It is a versatile coating technique used for the economic application of various plastics.
"The acquisition will strengthen Mondi Group's position in the European extrusion coatings market and increase the range of technical capabilities on offer to customers. The transaction remains subject to competition clearance and other customary closure conditions and is expected to complete by the third quarter of 2015," it said in a statement.
Mondi shares were up 0.3% to 1,513.00 pence per share on Friday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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