Packaging and paper firm Mondi Group has completed the acquisition of Nordic Packaging and Container Holdings subsidiary Powerflute Group, in a deal worth €365m on an enterprise value basis.
The agreement to acquire Powerflute, which operates an integrated pulp and paper mill in Kuopio, Finland, was initially signed in December 2017
Mondi will include the acquired business in its packaging paper business unit.
The facility holds as annual production capacity of 285,000 tons of high-performance semi-chemical fluting.
Powerflute’s semi-chemical fluting serves as a packaging solution for fruits and vegetables. It enables to reduce food waste by protecting perishable products.
Free from microbes, toxins, heavy metals and chemicals, Powerflute’s material is said to reduce the loss of fruit and vegetables during transportation.
Mondi Group CEO Peter Oswald said: “We are excited to have completed this acquisition, which supports our strategy of investing in high-quality packaging and paper assets, further broadens our containerboard product range, and extends our geographic reach.”
Last month, Mondi Group agreed to acquire 100% stake in Egypt-based National Company for Paper Products and Import & Export (NPP) for around EGP510m (€23.7m).
NPP, which is a privately-owned industrial bags producer, operates one facility in Giza near Cairo. The company supplies majority of its bags to the regional customers in the country.
In April this year, US-based Twin Rivers Paper agreed to acquire Mondi Group’s paper mill in Pine Bluff, Arkansas.
The Pine Bluff mill is engaged in the production of multiwall, converting and grocery bag grade unbleached kraft papers, which can be used in a range of food, agricultural, and industrial applications.
With around 26,000 people across over 30 countries, Mondi provides packaging and paper solutions to its customers.
The company offers more than 100 packaging and paper products, including flexible packaging, bags, and pouches, as well as corrugated packaging products.
In addition, the company produces industrial bags, barrier coatings, speciality kraft paper and containerboard.
Source: Packaging Materials
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