Mondi enlarges its footprint in south-east Europe through the acquisition of Turkey's major corrugated products manufacturer Olmuksan.
International Paper (IP) has completed the sale of its ownership interest in Turkey's Olmuksan International Paper Ambalaj Sanayi ve Ticaret to Mondi Group. Mondi acquired 90.38 per cent of the outstanding shares in the corrugated packaging company Olmuksan for a total consideration of €66m.
Mondi would now launch a mandatory tender offer to acquire the remaining 9.62 per cent of outstanding shares in Olmuksan that it does not already own, the group announced.
Olmuksan is considered one of the leading corrugated packaging companies in Turkey. The comoany runs five corrugated packaging plants with 300,000 tpy of converting capacity.
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