Mondi completes acquisition of Turkish flexible packaging manufacturer Kalenobel
Mondi Group announces the successful acquisition of Kalenobel, the Turkish flexible packaging manufacturer, for EUR90 million on a debt-and-cash-free basis (consideration for 90% of the business). Kalenobel will become part of Mondi’s consumer goods packaging business and will be renamed Mondi Kalenobel.
Established in 1955, Kalenobel is a Turkish consumer packaging company that produces flexible consumer packaging for ice cream and other applications as well as aseptic cartons. Its products include ice cream cone sleeves and lids, push up tubes, squeeze-ups and paper cups.
Commenting on the acquisition, Peter J Oswald, CEO Mondi Europe & International, said, “We are delighted that Kalenobel is joining Mondi and adding to our existing presence in Turkey. It allows us to offer customers a broader range of products and is in line with our strategy to grow Mondi’s consumer packaging business”.
The global ice cream market is growing with an estimated retail sales value in 2015 of EUR70 billion according to Euromonitor. Kalenobel exports approximately half of its production, mainly to Western Europe, the Middle East and North Africa. It has modern production facilities and is conveniently located to supply key customers in the region.
Kalenobel will be integrated into Mondi’s Consumer Goods Packaging business segment, which serves some of the world’s biggest consumer brands in categories as diverse as pet care, food, home and personal care. Mondi already has experience in the Turkish market through its established network of corrugated packaging, containerboard and industrial bags plants.
