Mondi in for more helpings of Turkey with new acquistion

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A network of five plants will be added to the existing four corrugated packaging plants, a recycled containerboard paper mill and three flexible packaging sites in the country () has struck a deal to buy Turkish corrugated packaging company Olmuksan from International Paper Co () for €66mln. The Anglo-South African group has agreed to acquire 90.38% of the outstanding shares in the Istanbul-listed business and, following completion, plans to launch a mandatory tender offer to acquire the remaining 9.62% held by minority shareholders. Olmuksan generated revenues of 1.1bn Turkish lira (€150mn) in the 12 months to end-September 2020 from producing 256,000 tonnes of packaging for a customer base across food, beverage, agriculture and industrial sectors. Its network of five plants will add to Mondi’s four corrugated packaging plants, a recycled containerboard paper mill and three flexible packaging sites in the country. The FTSE 100-listed group said it has “operated
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