Packaging multinational Mondi today announced it has completed the acquisition of 99.93% of the outstanding share capital of Nordenia International from funds managed by Oaktree Capital Management, for €259m.
The company first announced the deal back in July.
Mondi Group says it made the acquisition to create a leading consumer packaging business, hoping to build on long-term customer relationships across both businesses and expand in high-growth emerging markets.
Earlier this year, Lora Rossler, spokesperson for Mondi, said Nordenia's product range complements Mondi's Coatings and Consumer Packaging business unit, which produces mainly plastic-based products such as pre-made bags, re-closable bags, stand-up pouches and advanced films and laminates.
“[For example] Nordenia produces hygiene components, such as fastening systems and back ear laminates for diapers, which follow a similar production process as consumer packaging solutions,” she told European Plastics News. “Nordenia also produces a single wrap film for the individual packaging of feminine hygiene products. Mondi produces paper based release liner for feminine hygiene products, so two different solutions based on different substrates for uses of feminine hygiene products.”
The deal will also give Mondi exposure to emerging markets, she added.
Following the acquistion, which is set to close in the fourth quarter of this year, Mondi will reorganise its Europe & Internation division into four business units - Uncoated fine paper, Packaging papers, Fibre packaging and Consumer packaging.