Mondi to Acquire Duropack's Operations in Germany, Czech Republic
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Mondi Group, South Africa, this week signed an agreement with Duropack GmbH, Germany, for the acquisition of Duropack's operations in Germany and the Czech Republic, which consist of two corrugated box plants and one recycled containerboard mill. The two corrugated box plants consume approximately 130,000 metric tpy of containerboard, while the recycled containerboard mill is capable of producing 105,000 metric tpy.
The amount to be paid for 100% of the operations totals EUR 125 million and will be paid in cash at completion. Mondi Group will assume approximately EUR 5 million net cash as of the same date, implying an enterprise value of EUR 120 million. In 2011, the Duropack operations generated unaudited pro forma consolidated revenues of EUR 160 million and unaudited pro forma consolidated adjusted EBITDA of EUR 23 million.
The acquisition is in line with Mondi Group's strategy to strengthen its market position in corrugated packaging in central and eastern Europe. Completion of the deal is conditional on approval by relevant competition authorities and other customary closing conditions.
Mondi is an international paper and packaging group, with production operations in 28 countries and revenues of EUR 5.7 billion in 2011. The group's key operations are located in central Europe, Russia, and South Africa. At the end of 2011, Mondi employed 23,400 people.
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