Mondi buys Turkish consumer packaging firm for EUR90m

Paper and packaging group Mondi has signed an agreement for the acquisition of 90% of the outstanding share capital in Turkish consumer packaging firm Kalenobel from private equity group Argus Capital and M. Olcay Hephiz, one of the company’s founders.

Mondi will pay around €90m on a debt-and-cash-free basis for Kalenobel, which is focused on the manufacture of flexible consumer packaging for ice cream and other applications as well as aseptic cartons.

The company is headquartered in Istanbul and operates two manufacturing sites northwest of the city.

Mondi’s chief executive, David Hathorn, said: “The acquisition of Kalenobel supports the growth of our consumer packaging business, broadening our product portfolio and geographic reach to better serve our customers in high-growth markets”.

The deal is expected to complete in the second half of this year.

At 0900 BST, Mondi shares were up 0.2% to 1,329p.