Mayr-Melnhof Packaging has acquired a Colombian folding carton producer Colombian Pleagacol located in Santiago de Cali, for an undisclosed sum.
The company generates annual sales of approximately €15mn, according to Lesprom Network.
Mayr-Melnhof Packaging CEO Wilhelm Hoermanseder said the company’s goal is to follow their customers into future markets and to create a Latin American network of highly efficient folding carton plants, which they will develop according to best practice of the MM Group.
The largest Colombian folding carton manufacturer, in which MM Packaging already holds a 20% shareholding and an option right to 100%, will be concentrated to form a new Colombian market leader in folding cartons.
This entity will generate sales of about €30mn with around 400 employees and convert approximately 16,000 tons of cartonboard p.a.