mondihhas agreed to acquire 90,38% of the outstanding shares of Olmuksan International Paper Ambalaj Sanayi sees Ticaret A.Ş to International Paper for a total consideration of 66 million euros. The implicit value of the company on a 100% basis would amount to around € 88 million.
Olmuksan is a Turkish company leader in corrugated cardboard packaging in Turkey, which is listed on the Istanbul Stock Exchange. Its network of five plants provides a diverse customer base with high quality sustainable packaging for industrial, agricultural, food and beverage applications. Last year (year ended September 30, 2020), the company produced 256 thousand tons of corrugated cardboard packaging and generated income of TRY1,093 million (€ 150 million).
Mondi has been operating successfully in Turkey for many years and has developed a strong understanding of the market and its long-term opportunities. It has four corrugated cardboard packaging plants and a paper factory for recycled cardboard, as well as three flexible packaging plants.
The transaction remains subject to competitive authorization and other closing conditions and is expected to be completed in the first half of 2021.
