Olmuksan, which is listed on the Istanbul stock exchange, is a major corrugated packaging supplier in Turkey
Packaging and paper firm Mondi has completed the purchase of a 90.38% stake in Turkey-based Olmuksan International Paper Ambalaj Sanayi ve Ticaret from International Paper for €66m.
The implied enterprise value on a 100% basis is said to be around €88m.
International Paper stated that the deal is in line with the company’s strategy to serve attractive markets from an advantaged position.
Olmuksan, which is listed on the Istanbul stock exchange, supplies corrugated packaging products to its customers in Turkey.
The company provides sustainable packaging solutions for food, beverage, agriculture and industrial applications.
With 3,000 tonnes of annual converting capacity, the company manages five corrugated packaging plants.
Mondi CEO Andrew King said: “We are delighted to have completed this acquisition, which significantly strengthens our position in the fast-growing Turkish corrugated market and expands our offering to existing and new customers in the region.”
In addition, Mondi will launch a mandatory tender offer to purchase the remaining 9.62% of outstanding shares in Olmuksan, which it does not already own.
With revenues of €6.66bn in 2020, Mondi is engaged in the development and manufacturing of industrial and consumer packaging solutions.
International Paper is involved in the production of renewable fibre-based packaging, pulp and paper products. It has manufacturing operations in North America, Latin America, Europe, North Africa and Russia.
In February this year, Mayr-Melnhof Karton (MMK) agreed to acquire Poland-based Kwidzyn pulp and paper mill and supporting operations from International Paper for around $812m.