South Africa's Mondi Group to buy German packaging firm for $782 mn
11 Jul 2012
South Africa's paper and packaging company Mondi Group today agreed to buy German packaging firm Nordenia International from Oaktree Capital, for $782 million.
The acquisition would enable Johannesburg-based Mondi to expand its presence in consumer packaging.
Mondi will acquire 93.4 per cent stake in Nordenia from funds managed by Oaktree Capital and other minority shareholders for €240 million ($294 million) and assume debt of €398 million ($488 million), taking the deal value to €634 million ($782 million).
Founded in 1996, Greven, North Rhine-Westphalia-based Nordenia is an international supplier of innovative consumer packaging solutions, technical films and hygiene components.
It has 12 operating facilities in seven countries across Europe, North America and Asia and is currently constructing a greenfield plant in China that is expected to begin operating in early 2014.
Consumer packaging solutions contribute around 60 per cent of Nordenia revenues, which include re-closable bags, stand-up pouches, advanced films and laminates for mainly fast moving consumer goods.
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