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Mondi to Acquire Olmuksan - A Leading Turkish Corrugated Packaging Player - Mondi has agreed to acquire 90.38% of the outstanding shares in Olmuksan International Paper Ambalaj Sanayi ve Ticaret A.Ş from International Paper for a total consideration of €66 million - Olmuksan-IPaper.com / Mondigroup.com
Mondi to Acquire Olmuksan - A Leading Turkish Corrugated Packaging Player

 

NewswireToday - /newswire/ - Vienna, Austria, 2021/01/05 - Mondi has agreed to acquire 90.38% of the outstanding shares in Olmuksan International Paper Ambalaj Sanayi ve Ticaret A.Ş from International Paper for a total consideration of €66 million - Olmuksan-IPaper.com / Mondigroup.com.

   
 
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Mondi has agreed to acquire 90.38% of the outstanding shares in Olmuksan International Paper Ambalaj Sanayi ve Ticaret A.Ş (“Olmuksan” or the “Company”) from International Paper for a total consideration of €66 million. The implied enterprise value on a 100% basis would amount to around €88 million.

Olmuksan (olmuksan-ipaper.com) is a leading and well-established corrugated packaging player in Turkey, listed on the Istanbul stock exchange. Its network of five plants provides a diverse customer base with high-quality sustainable packaging for food, beverage, agriculture and industrial applications. For the twelve months ended 30 September 2020, the Company produced 256 thousand tonnes of corrugated packaging and generated revenues of TRY1,093 million (€150 million).

Mondi has operated successfully in Turkey for many years and has developed a strong understanding of the market and its long-term opportunities. Our current Turkish footprint includes four corrugated packaging plants and a recycled containerboard paper mill, as well as three flexible packaging sites. Leveraging our expertise and experience in this market, together with our global virgin and recycled containerboard portfolio, we expect to generate significant operational improvements and paper integration upside.

"We are excited by this unique opportunity to significantly strengthen our position in the fast-growing Turkish corrugated market and expand our offering to existing and new customers in the region."
Andrew King, Group Chief Executive Officer of Mondi

The transaction remains subject to competition clearance and other closing conditions and is expected to complete in the first half of 2021. Following the completion of the transaction, Mondi will launch a mandatory tender offer to acquire the remaining 9.62% of outstanding shares in the Company held by minority shareholders.

Contacts
Investors/analysts: Clara Valera - Mondi Group Head of Strategy and Investor Relations
P: +44(0)19 3282 6357

Media: Richard Mountain - FTI Consulting
P: +44(0)79 0968 4466

About Mondi

Mondi is a global leader in packaging and paper, contributing to a better world by making innovative packaging and paper solutions that are sustainable by design. Our business is fully integrated across the value chain from managing forests and producing pulp, paper and plastic films, to developing and manufacturing effective industrial and consumer packaging solutions. Sustainability is at the centre of our strategy and intrinsic in the way we do business. We lead the industry with our customer-centric approach, EcoSolutions, where we ask the right questions to find the most sustainable solution. In 2019, Mondi had revenues of €7.27 billion and underlying EBITDA of €1.66 billion.

Mondi has a premium listing on the London Stock Exchange (MNDI), and a secondary listing on the JSE Limited (MNP). Mondi is a FTSE 100 constituent, and has been included in the FTSE4Good Index Series since 2008 and the FTSE/JSE Responsible Investment Index Series since 2007.

Sponsor in South Africa: UBS South Africa Proprietary Limited.

 
 
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Mondi to Acquire Olmuksan - A Leading Turkish Corrugated Packaging Player

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Publisher Contact: Kerry Cooper - Mondigroup.com 
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