Mondi Group has signed an agreement to acquire 100% of the outstanding shares in Powerflute Group Holdings Oy, a division of Nordic Packaging and Container Holdings, for a total consideration of Euro 365 million on an enterprise value basis. Powerflute will be integrated into Mondi’s Packaging Paper Business Unit, as the company says in the press release received by Lesprom Network.
Commenting on the acquisition, Peter Oswald, chief executive of Mondi Group, said: “The acquisition of Powerflute supports our strategy of investing in high-quality packaging and paper assets. We are excited by this opportunity to expand our customer offering by further broadening our containerboard product range and geographic reach.”
The transaction remains subject to competition clearance and customary closing conditions and is expected to complete in the first half of 2018.
Powerflute operates an integrated pulp and paper mill in Kuopio, Finland, with an annual production capacity of 285,000 tonnes of high-performance semi-chemical fluting.
Mondi is an international packaging and paper Group, employing around 25,000 people across more than 30 countries.