Beepack serves local and international customers offering a range of corrugated packaging for food and agricultural products. The company puts its annual production capacity at 200 million m².
Mondi Group has signed an agreement to acquire 100% of outstanding share capital of Russia's corrugated board and packaging manufacturer Beepack. The total consideration amounts to RUB2.83bn (€41m) on a debt-and-cash-free basis, Mondi explained.
Beepack was founded in 2000 and runs one production facility in Lebedyan, in the Lipetsk region, some 360 km south of Moscow. The company employs more than 400 people and has an installed capacity of 200 million m² of corrugated board and packaging per year. According to Mondi, Beepack had sales of RUB2.78bn (€40m) and adjusted EBITDA of RUB462m (€7m) in 2015.
“The acquisition of Beepack supports the ongoing development of our Corrugated Packaging business 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,” said David Hathorn, Chief executive of Mondi Group.
The transaction is scheduled for completion in Q4 2016 but remains subject to customary closing conditions.