1st Jun 2021 09:54
(Alliance News) - Mondi PLC on Tuesday said it has completed the EUR66 million acquisition of Turkish corrugated packaging firm Olmuksan International Paper Ambalaj Sanayi ve Ticaret AS.
Mondi shares rose 2.4% at ZAR379.20 each on Tuesday morning in Johannesburg, and were up 2.3% at 1,950.00 pence each in London.
The Addlestone, England-based paper and packaging bought the outstanding 90% stake from International Paper. This gives Olmuksan an enterprise value of around EUR88 million.
Olmuksan has a network of five plants and provides a diverse customer base with sustainable packaging for food, beverage, agriculture and industrial applications.
"We are delighted to have completed this acquisition, which significantly strengthens our position in the fast-growing Turkish corrugated market and expands our offering to existing and new customers in the region. We look forward to welcoming the Olmuksan team to Mondi," Mondi Chief Executive Andrew King said.
Mondi will now launch a mandatory tender offer to acquire the remaining 9.6% of outstanding shares in the company that it does not already own.
By Greg Roxburgh; [email protected]
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