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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
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