Mondi to acquire Duropack’s German and Czech operations
Paper and packaging multinational Mondi has announced that it will acquire Duropack’s operations in Germany and Czech Republic, which consist of two corrugated box plants and one recycled containerboard mill
Corrugated board producer Duropack is based in Austria.
In a statement, Mondi said the consideration to be paid for 100% of the operations amounts to €125m and will be paid in cash at completion.
The two corrugated box plants consume approximately 130 thousand tonnes of containerboard per annum while the recycled containerboard mill is capable of producing 105 thousand tonnes per annum.
Mondi said that the acquisition is in line with its strategy to strengthen its “leading market position in corrugated packaging in central and eastern Europe”.
Speaking about the acquisition, Duropack Group chief executive Peter Szivacsek said: “Our strategy is consequently focused on east and south east Europe.
“The sale of our operations in Germany and the Czech Republic further strengthens our profile and allows us to focus entirely on our core markets and core business, packaging.
“In 2010, Duropack already strengthened its geographic focus with the acquisition of the majority of the shares in Croatian corrugated base paper and packaging producer Belišce.”
Mondi Group will assume approximately €5m net cash as of the same date, implying an enterprise value of €120m.
For the year ended 31 December 2011, the operations generated unaudited pro forma consolidated revenues of €160m and unaudited pro forma consolidated adjusted EBITDA of €23m.
The final closing of the deal is subject to approval by the relevant authorities and the customary closing conditions.
