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Mondi adding to European operations

The Mondi Group is to acquire Duropack’s operations in Germany and the Czech Republic, which consist of two corrugated box plants and one recycled containerboard mill. The two box plants together consume approximately 130,000 tonnes of containerboard/year, and the recycled containerboard mill is capable of producing 105,000 tonnes.

Mondi will pay €125 million and assume approximately €5 million net cash on completion of the deal, implying an enterprise value of €120 million. The operations involved generated unaudited pro forma consolidated revenues of €160 million and unaudited pro forma consolidated adjusted EBITDA of €23 million for the year ended 31 December 2011.

The acquisition is in line with Mondi’s strategy to strengthen its leading market position in corrugated packaging in central and Eastern Europe. Completion of the deal is subject to approval by the relevant competition authorities and other customary closing conditions.

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