Mondi to Acquie Uralokastic Flexible Packaging
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Mondi Group, South Africa, has signed an agreement to acquire 100% of the outstanding share capital of ZAO Uralplastic-N, Russia, from Joint Stock Company Rusnano and a private investor. The transaction is expected to complete in July 2016.
Uralplastic operates one plant near Ekaterinburg, in the Ural region of Russia, and manufactures a range of consumer flexible packaging products for food, hygiene, home care, and other applications. The company serves both local and international customers. For the year ended Dec. 31, 2015, Uralplastic generated revenues of RUB1,988 million (EUR 29.2 million) and adjusted EBITDA of RUB318 million (EUR 4.7 million).
Commenting on the acquisition, David Hathorn, chief executive of Mondi Group, said that "the acquisition of Uralplastic supports the development of our Consumer Packaging business and strengthens our presence in the Russian consumer packaging market, complementing our existing plant in Pereslavl, near Moscow, and allowing us to improve our offering to customers in this growing market."
