In line with its strategy to strengthen its market position in corrugated packaging in central and eastern Europe, Mondi Group is to acquire two corrugated box plants and a containerboard mill from Duropack.
Mondi Group has signed an agreement with Duropack for the acquisition of Duropack’s operations in Germany and the Czech Republic, consisting of two corrugated box plants and a recycled containerboard mill. The two corrugated box plants consume approximately 130,000 t containerboard per annum while the recycled containerboard mill is capable of producing 105,000 t per annum. The consideration to be paid for 100% of the operations amounts to EUR125m and will be paid in cash at completion.
Mondi Group will assume approximately EUR5m net cash as of the same date, implying an enterprise value of EUR120m. For the year ended 31 December 2011, the operations generated unaudited pro forma consolidated revenues of €160m and unaudited pro forma consolidated adjusted Ebitda of €23m. The consideration payable for the acquisition will be funded from existing resources available to Mondi Group.
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