Kartonsan’s parent company Pak Group has acquired Macedonian Paper Mills (Mel). The takeover is said to enable Mel to restructure debt and invest in production facilities.
Pak Group BV, the Dutch subsidiary of the Turkish Pak Group, has acquired the Greek board manufacturer Macedonian Paper Mills (Mel). The takeover will boost Pak Group’s board capacity and enhance Mel’s future growth by providing financial security, says Pak Group. Financial details are not revealed.
Mel has a production capacity of 100,000 tpy of recycled board. Kartonsan, owned by 75% by the Pak Group, runs two machines with a combined capacity of 180,000 tpy recycled board. According to the Turkish company, the acquisition of Mel makes Pak Group the fourth largest recycled board manufacturers in Europe.