Mondi has released a statement announcing its plans to acquire what it labelled as the “leading Turkish corrugated packaging company,” Olmuksan, which is worth an estimated R1.6 billion in total.
Mondi, one of the leading paper and packaging companies in South Africa, on Tuesday, 5 January 2021, released a statement announcing its latest acquisition ambitions. The company is looking to further entrench itself in the Turkish market, hence the latest planned acquisition of interest in corrugated packaging company, Olmuksan. The company’s value is estimated at €88 million, equating to approximately R1.6 billion.
In explaining the reason behind the scheduled acquisition, the statement read, “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.”
According to the statement, the acquisition process is currently in the final stages, as it is “subject to competition clearance and other closing conditions and is expected to complete in the first half of 2021.”
See the post below.
MNP Mondi to acquire Olmuksan, a leading Turkish corrugated packaging player https://t.co/bv1Qk1NjnK
— JSE_SENS (@JSE_SENS) January 5, 2021
Sabelo Makhubo
s.makhubo@politicalanalysis.co.za
