Mondi buys Turkish packaging firm Olmuksan for €66m

The implied enterprise value on a 100% basis would amount to around €88m, Mondi said on Tuesday.

Olmuksan's network of five plants provides packaging for the food, beverage, agriculture and industrial markets. For the year to September 30, 2020, the company produced 256 thousand tonnes of corrugated packaging and generated revenues of €150m.

Mondi's current Turkish footprint includes four corrugated packaging plants and a recycled containerboard paper mill, as well as three flexible packaging sites.

The transaction, saubject to competition clearance, is expected to complete in the first half of 2021 after which Mondi will launch a mandatory tender offer to acquire the remaining 9.62% of outstanding shares in the company held by minority shareholders.