Global packaging group Mondi has agreed to purchase Turkish firm Olmuksan International Paper Ambalaj Sanayi ve Ticaret from International Paper for €66 million (£58.8 million).
Mondi will acquire the 90.38% outstanding shares owned by International Paper, which values Olmuksan at approximately €88 million (£78 million).
The transaction will mean that Mondi takes over five corrugated cardboard mills in Turkey. Two of these mills were purchased from DS Smith in 2010. Mondi already owns and operates four Turkish corrugated packaging plants and a recycled containerboard facility.
For the twelve months up to 30 September 2020, Olmuksan produced 256,000 tonnes of corrugated packaging and generated revenues of €150 million (£137 million).
Mondi group chief executive Andrew King said: “We are excited by this unique opportunity to significantly strengthen our position in the fast-growing Turkish corrugated market and expand our offering to existing and new customers in the region.”
In October, International Paper indicated that it had put Olmuksan up for sale.