PACKAGING and paper company Mondi said yesterday that it had completed the acquisition of leading Turkish corrugated packaging player Olmuksan as it grows its international footprint.
Mondi chief executive Andrew King said: “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."
Further to the announcement made on January 5, Mondi said all conditions had been satisfied and it had completed the acquisition of 90.38 percent of the outstanding shares in Olmuksan International Paper Ambalaj Sanayi ve Ticaret from International Paper for a total consideration of €66 million (R1.1 billion). The implied enterprise value on a 100 percent basis would amount to around €88m, it said.
Olmuksan, which is listed on Istanbul Stock Exchange, has a network of five plants and provides a diverse customer base with high-quality sustainable packaging for food, beverage, agriculture and industrial applications.
Mondi said it would now launch a mandatory tender offer to acquire the remaining 9.62 percent of outstanding shares in the company that it does not already own.
BUSINESS REPORT