Mondi buys Turkish ice cream package maker for $101m | Fin24
 
  • Load Shedding Schedules

    Find information for Johannesburg, Durban, Cape Town and other cities.

  • Eskom

    Critical repairs being done during 21-day lockdown as demand plummets.

  • Mills Soko

    China's success in addressing the coronavirus crisis speaks to the importance of decisive leadership.

Loading...

Mondi buys Turkish ice cream package maker for $101m

Jun 02 2016 11:15
Liezel Hill

London - Mondi [JSE:MND] has agreed to buy 90% of Turkey’s Kalenobel for about €90m ($101m) as the South African manufacturer expands its international packaging business.

Kale Nobel Ambalaj Sanayi ve Ticaret (Kalenobel) makes consumer packaging for ice cream and other products from two manufacturing sites north-west of Istanbul, Johannesburg-based Mondi said in a statement on Thursday. The purchase is expected to close in the second half of the year.

Mondi, which has its roots in printing paper and was spun out of Anglo American [JSE:AGL] in 2007, gets about 75% of its revenue from packaging, including 19% from consumer packaging in 2015. CEO David Hathorn has said he’s seeking further growth from the business.

The shares traded 0.34% lower at R295.88 shortly after 11:00 in Johannesburg, valuing the company at about R145bn.

“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,” Hathorn said in the statement.

mondi  |  acquisitions  |  packaging
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Voting Booth

Do you support a reduction in the public sector wage bill?

Previous results · Suggest a vote

Loading...