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Further to the announcement made on 22nd December 2017, Mondi confirms that all conditions have been satisfied and it has completed the acquisition of 100% of the outstanding shares in Powerflute Group Holdings Oy (“Powerflute”), a division of Nordic Packaging and Container Holdings, for a total consideration of €365 million on an enterprise value basis.
Powerflute operates an integrated pulp and paper mill in Kuopio (Finland) with an annual production capacity of 285,000 tonnes of high-performance semi-chemical fluting. The business will be integrated into Mondi’s Packaging Paper business unit.
Commenting on the acquisition, Mondi Group CEO Peter Oswald said, “We are excited to have completed this acquisition, which supports our strategy of investing in high-quality packaging and paper assets, further broadens our containerboard product range, and extends our geographic reach.”
Apart from this, Further to the announcement made on 4 April 2018, Mondi confirms that all customary closing conditions have been satisfied and it has completed the sale of its flat sack kraft paper mill in Pine Bluff, Arkansas, USA, to Twin Rivers Paper Company LLC.