Packaging giant Mondi has completed the acquisition of Turkish paper mill company Olmuksan from International Paper.
It has paid £66 million (£56.73 million) for the five corrugated plants owned by Olmuksan.
Mondi group chief executive Andrew King said: “We are delighted to have completed this acquisition, which significantly strengthens our position in the fast-growing Turkish corrugated market and expands our offering to existing and new customers in the region. We look forward to welcoming the Olmuksan team to Mondi.”
This purchase will add a further five Turkish paper mills to the four corrugated plants and recycled containerboard facilities that are operated by Mondi in Turkey.
Mondi will now launch a mandatory tender offer to acquire the remaining 9.62% of outstanding shares in the company that it does not already own.
In January, Mondi announced its intention to buy Olmuksan.
