Mondi completes announces merger of Tire Kutsan and Olmuksan in Turkey
Turkey – Paper and packaging company, Mondi has completed a merger of its Mondi Tire Kutsan and Mondi Olmuksan businesses in Turkey.
The merger was announced in July this year and came into effect on 30 September after fulfilling all conditions.
A new entity named Mondi Turkey Oluklu Mukavva has been added to Mondi’s corrugated packaging business unit through the merger.
The business is listed on the Istanbul Stock Exchange (BIST) and operates nine corrugated packaging plants, a containerboard mill in Tire, Turkey, and a wastepaper collection facility in Adana, Turkey.
Mondi holds an 84.65% stake in Mondi Turkey Oluklu Mukavva, which employs more than 1,600 people in total.
Mondi corrugated solutions Chief Operating Officer Armand Schoonbrood said: “We are delighted to have completed this merger, which significantly strengthens our position in the fast-growing Turkish corrugated market and expands our offering to existing and new customers in the region.
“Our customers benefit from innovative and competitive products and a comprehensive and complementary product portfolio, to meet in particular the rising demand for sustainable packaging solutions within the fast-moving consumer goods (FMCG), e-commerce and industrial market sectors.”
The deal comes after Mondi purchased a 90.38% stake in Turkish corrugated packaging company Olmuksan International Paper Ambalaj Sanayi ve Ticaret (Olmuksan) from International Paper in June last year.
The company’s network of five plants provides a diverse customer base with high-quality sustainable packaging for food, beverage, agriculture and industrial applications.
The company had an annual converting capacity of 300,000 tonnes at the time of the transaction.
The merger comes in the wake of Mondi’s recent launch of its first in-house recycling laboratory at its mill in Frantschach, Austria.
The new recycling laboratory will test the recyclability of paper and paper-based packaging components using non-paper components such as coatings.
While paper packaging offers sustainability benefits, Mondi says it has some barrier functionality limits for products such as perishable food.
To enhance functionality, non-paper components such as barrier coatings can be added, which in turn can impact recyclability.
The company says conducting recycling tests in-house speeds up the process of developing sustainable packaging.
Mondi also plans to use the results from its laboratory to determine how the design of new packaging can be improved, as well as how to improve the circularity of material flows.
Liked this article? Subscribe to our regular email newsletters with the latest news insights from Africa and the World’s packaging and printing industry. SUBSCRIBE HERE.
Be the first to leave a comment