Mayr-Melnhof Packaging Acquires Folding Carton Producer Plegacol
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Mayr-Melnhof (MM) Packaging, Austria, has acquired Plegacol, a Colombian folding carton producer located in Santiago de Cali. Plegacol generates annual sales of approximately EUR 15 million.
The transaction will "concentrate" Plegacol and Gráficas Los Andes S.A., Cali, the largest Colombian folding carton manufacturer, in which MM Packaging already holds a 20% share and an option right to 100%, to form a new Colombian market leader in folding cartons. The entity will generate sales of about EUR 30 million with around 400 employees and convert approximately 16,000 metric tons of cartonboard.
For MM Packaging, the acquisition of Plegacol represents a third step into Latin America subsequent to the acquisition of the Chilean market leader Marinetti in 2010 and the 20% interest in Gráficas Los Andes S.A earlier this year.
"Our goal is to follow our customers into future markets and to create a Latin American network of highly efficient folding carton plants, which we will develop according to best practice of the MM Group," said CEO Wilhelm Hoermanseder about his company's long term strategy.
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