Mondi is acquiring Finnish pulp and paper mill operator Powerflute for €365m from Nordic Packaging and Container Holdings, the Johannesburg-and London-listed packaging group said on Friday.
“The acquisition of Powerflute supports our strategy of investing in high-quality packaging and paper assets,” Mondi CEO Peter Oswald said in the statement.
Powerflute will be integrated into Mondi’s packaging paper business unit. The transaction remains subject to competition clearance and customary closing conditions, and is expected to completed in the first half of 2018.
Powerflute’s mill is located in Kuopio and has an annual production capacity of 285,000 tonnes of “fluting” — the middle liner of corrugated board used to cushion the contents of cardboard boxes.
“Powerflute’s premium semi-chemical fluting is sold to a diverse range of customers, primarily for packaging fresh fruit and vegetables, but also other end-uses such as electronics, chemicals and pharmaceuticals. Around half of the company’s production is sold in Europe, while the remainder is exported globally,” Mondi said.
For the year to end-December 2017, Powerflute is expected to generate about €183m revenue and €42m earnings before interest, tax, depreciation and amortisation.
By Robert Laing
Source: Business Live
BASF has signed an agreement to sell its extruded polystyrene (XPS) Styrodur business to Karl Bachl Kunststoffverarbeitung, a fellow German company, as part of its strategy to focus on expandable polystyrene (EPS).
The approximately 50 employees involved in production, marketing, and sales will remain with BASF.
Barentz, a player in the speciality ingredients sector, has appointed Derk Jan Terhorst as group chief executive officer, effective immediately. Terhorst succeeds Terry Hill, who served as Interim CEO since May 2024. With over three years of experience at Barentz as Group CFO, Terhorst brings a robust background in financial management and strategic oversight.
Former Dow president and CEO Paul Oreffice died on Dec. 26 at his home in Paradise Valley, Arizona. He was 97. During Oreffice’s tenure at Dow, he is often credited with transforming the company from an American-focused industrial power into a global leader in chemicals and plastics.
