Sector News

International paper divests Turkish corrugated packaging business to Mondi

June 6, 2021
Chemical Value Chain

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.

By Antonia Garrett Peel

Source: foodbev.com

comments closed

Related News

September 25, 2022

France and Sweden both launch ‘first of a kind’ hydrogen facilities

Chemical Value Chain

France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).

September 25, 2022

NextChem announces €194-million grant for waste-to-hydrogen project in Rome

Chemical Value Chain

The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.

September 25, 2022

The problem with hydrogen

Chemical Value Chain

At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?