Mondi in R1.5bn Turkish deal

Mondi plant in Richards Bay KZN.Mondi Trading update.photo by Simphiwe Mbokazi 4

Mondi plant in Richards Bay KZN.Mondi Trading update.photo by Simphiwe Mbokazi 4

Published Jun 2, 2016

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Cape Town - Mondi Group on Thursday said it had agreed to buy 90 percent of the outstanding share capital in Turkish consumer packaging company Kalenobel for about 90 million euros.

A statement from the Johannesburg and London-listed paper and packaging company said the acquisition of Kalenobel was subject to regulatory approvals.

Kalenobel, which is headquartered in Istanbul and operates two manufacturing sites northwest of the city, serves international fast-moving consumer goods companies as well as regional food and beverage producers.

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It exports approximately half of its production, mainly to Western Europe, the Middle East and North Africa. David Hathorn, chief executive of Mondi, said: “The acquisition of Kalenobel supports the growth of our consumer packaging business, broadening our product portfolio and geographic reach to better serve our customers in high-growth markets.”

The transaction is expected to complete during the second half of the year.

 

AFRICAN NEWS AGENCY

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