Acquisition of Excelsior Technologies is aimed at strengthening the presence of Mondi's Consumer Packaging business in high growth product applications.
Mondi Group has acquired 100% of the outstanding share capital in the UK flexible packaging company Excelsior Technologies Limited. According to Mondi, Excelsior was acquired from funds managed by Endless LLP and certain other minority shareholders, for a total consideration of £33 million (€38 million), on a debt and cash-free basis.
Excelsior is a vertically-integrated flexible packaging producer and is serving UK and US customers, mainly in the food business. The company runs one plant in Deeside in Northern Wales and one in Nelson in the Lancashire county in England. For the year ended 31 December 2016, Excelsior generated revenues of £39 million (€47 million), Mondi explained in a stock exchange disclosure notice on 6 February.
"The acquisition of Excelsior supports the development of our Consumer Packaging business in high growth product applications. Its leading microwave steam cooking packaging technology complements and enhances our global food packaging offering", said David Hathorn, chief executive officer of Mondi Group.
David Hathorn to retire, Peter Oswald to be appointed new group CEO
On 1 February, Mondi Group informed that the group's CEO David Hathorn will retire from his position effective 11 May 2017. He will be succeeded by Peter Oswald, currently CEO of Mondi's Europe and International division.
According to Mondi, David Hathorn will continue to work in an executive capacity until his retirement in February next year.