Mondi tables €280m bid to acquire remaining stake in Polish subsidiary
The South Africa-based packaging company said it was looking to acquire the remaining 34% share in Mondi Świecie S.A from a range of minority shareholders.
Mondi said the company is a leading integrated manufacturer of virgin and recycled containerboard in Central Eastern Europe (CEE).
“The main driver was to bring under full control an asset that we have had for a number of years and is about tidying up our corporate structure,” a company spokeswoman told FoodProductionDaily.com.
She added: “Part of our company strategy is a focus on Eastern European markets, so acquiring a full company stake fits with that goal.”
The deal is expected to be concluded in mid April 2012 and it is conditional on Mondi Group achieving minimum acceptances of 14% the Polish unit’s shares to bring its ownership to not less than 80%.
Company profile
In 2011, Mondi Świecie produced 1,333 thousand tonnes of containerboard at its operations in Swiecie, and presently employs around 1,020 people under its managing director Maciej Kunda.
The Polish subsidiary last week posted its full year 2011 results to the end of December. Mondi said the unit generated EBITDA of PLN 610m (EUR148m), operating profit of PLN 457m (EUR111m) and net earnings of PLN 396m (EUR96m).
The company is currently valued at €824m.
