NewswireToday - /newswire/ -
Vienna, Austria, 2021/05/31 - Mondi confirms that all conditions have been satisfied and it has completed the acquisition of 90.38% of the outstanding shares in Olmuksan International Paper from International Paper for a total consideration of €66 million - Olmuksan-IPaper.com.
Further to the announcement made on 5 January 2021, Mondi confirms that all conditions have been satisfied and it has completed the acquisition of 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.
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.
Andrew King, Group Chief Executive Officer of Mondi
Mondi will now launch a mandatory tender offer to acquire the remaining 9.62% of outstanding shares in the company that it does not already own.
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 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 2020, Mondi had revenues of €6.66 billion and underlying EBITDA of €1.35 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.