Mondi (Atlanta, Ga., USA) announced June 5 (Tuesday of this week) that all conditions have been satisfied and it has completed the acquisition of 100% of the outstanding shares in Powerflute Group Holdings, a division of Nordic Packaging and Container Holdings, for a total consideration of EUR 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 tpy of 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."