South Africa’s Mondi has signed an agreement to acquire Beepack from a private investor for 41 million euros ($46 million) as part of plans to expand its packaging business, the paper group said on Monday.
Mondi, which is also listed in London, expects to complete the transaction in the fourth quarter, with CEO David Hathorn saying that the Russian business will support the development of Mondi’s Corrugated Packaging operations in central and eastern Europe.
“It enables us to enter a market with strong growth potential while expanding our geographic reach to better serve our customers,” Hathorn said.
Beepack generated revenue of 2.78 billion roubles ($45 million) in the year to Dec. 31, 2015, with adjusted earnings before interest, tax, depreciation and amortisation of 462 million roubles, Mondi said in a statement.
The Russian company’s Lebedyan plant about 400 km south of Moscow makes a range of corrugated packaging trays and boxes for food and agricultural products, including beverages, fruit and vegetables, poultry and dairy produce.
Mondi, which has operations in more than 30 countries, makes and sells consumer packaging and paper products as part of its Europe and International division’s Packaging Paper business.
In February Hathorn told Reuters that Mondi could borrow to fund acquisitions after spending 94 million euros buying consumer packaging businesses last year. ($1 = 0.8928 euros) ($1 = 62.2255 roubles)
By Nqobile Dludla
Sika AG (Baar, Switzerland) has opened a new plant in Santa Cruz de la Sierra, thus doubling its production capacity for mortar and concrete admixtures in Bolivia. With this new facility in one of the country’s main industrial agglomerations, Sika is positioning itself for continued growth in the dynamic Bolivian construction market.
Chevron Corporation (NYSE: CVX) and Renewable Energy Group, Inc. (NASDAQ: REGI) (REG) announced on Monday a definitive agreement under which Chevron will acquire the outstanding shares of REG in an all-cash transaction valued at $3.15 billion, or $61.50 per share.
Lotte Chemical Corp. will invest 10 trillion won ($8 billion) on hydrogen and battery materials through 2030 to achieve annual revenue of 50 trillion won and carbon neutrality. The Korean chemical producer on Thursday unveiled its new corporate vision outlining key corporate strategies with focus on growth through hydrogen energy and battery materials businesses.