4th Sep 2007 16:25
For immediate release
Mondi completes its acquisition of its majority stake in Tire Kutsan and 100% of Unterland Flexible Packaging
London, 4 September 2007
Mondi Group ('Mondi') is pleased to announce that it has completed the transactions to acquire a majority interest in Tire Kutsan, a Turkish corrugated packaging and containerboard business, and 100% of Unterland Flexible Packaging, a consumer flexibles business based in Austria. These two acquisitions were originally announced on 6 July 2007.
In compliance with Turkish legal requirements, Mondi will now apply to the Capital Markets Board in Turkey to make a mandatory tender offer for the remaining shares in Tire Kutsan on the Istanbul Stock Exchange.
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For further information, please contact:
Mondi GroupPaul HollingworthPhone: +44 (1932) 826 326 Financial DynamicsRichard MountainPhone: +44 (0) 20 7269 7186 Notes to Editors:About Tire Kutsan
Founded in 1972, Tire Kutsan, which is based in the district of Tire, Izmir, in Turkey, is an integrated manufacturer of containerboard and corrugated box products. It had revenues of approximately US$154 million in 2006, which excludes the full impact of recent acquisitions and a greenfield expansion (completed in late 2006/early 2007). It has a leading position in the Turkish market for containerboard and corrugated boxes, with 8 production locations and approximately 1,100 employees.
About Unterland
Founded in 1959, Unterland operates a large single production facility for the manufacture of high quality polyethylene and polypropylene films near Kufstein in Austria. Unterland has approximately 400 employees and had revenues of approximately ¢â€š¬129 million in 2006.
About Mondi
Mondi is an integrated paper and packaging group founded in South Africa in 1967. In 2006 it had revenues of ¢â€š¬5.751 billion. Its key operations and interests are in Western Europe, Emerging Europe and South Africa. Mondi is principally involved in the manufacture of packaging paper, converted packaging products (including corrugated packaging, bags and flexible packaging) and office paper.
Mondi is integrated across the paper and packaging production process from the growing of wood for pulp production and the manufacture of pulp and paper to the conversion of packaging papers into corrugated packaging and industrial bags. It also has a growing flexibles business focused on the production of release liner, extrusion coating and consumer flexibles products.
Mondi has production operations in 112 locations across 34 countries and averaged approximately 34,000 employees in 2006.
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