International Paper has completed the sale of its ownership interest in Olmuksan International Paper to Mondi.
Earlier this year, International Paper announced that it had reached an agreement to sell its 90.38% interest in its corrugated packaging business in Turkey to Mondi, for approximately €66 million.
The Olmuksan business includes five corrugated packaging plants, which supply a diverse customer base with packaging for food, beverage, agriculture and industrial applications.
For the 12 months ended 30 September 2020, Olmuksan generated revenues of TRY 1,093 million ($128.1 million approx.) and produced 256,000 tonnes of corrugated packaging.
Andrew King, group CEO of Mondi, 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.”
Mondi will now launch a mandatory tender offer to acquire the remaining 9.62% of outstanding shares in Olmuksan, which are held by minority shareholders.
Graphic Packaging recently announced that it had acquired the remaining shares that International Paper held in the companies’ packaging merger, completing its takeover of Graphic Packaging International Partners.
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