Majority shareholder Oaktree Capital Management has agreed to sell multinational consumer packaging and hygiene components manufacturer Nordenia International to the Mondi Group. Subject to the approval of competition authorities and customary closing conditions, the acquisition is expected to complete in the fourth quarter of 2012.
After completion of the transaction, it is planned that the existing management team of Nordenia will lead the combined Consumer Packaging business unit from its current headquarter in Greven, Germany. Nordenia’s companies will then also belong to the holding of the Mondi Group.
In a joint statement, Peter Oswald, CEO Mondi Europe & International Division, and Nordenia CEO Ralph Landwehr say: “We consider the possible merger a very good opportunity to create a leading consumer packaging business and to offer our customers a wider product range and continued excellent service”.
Nordenia, which employs around 3,000 people worldwide, has grown in fiscal year 2011. The Group sales increased by 9.9% to € 881.0 million, the sales volumes increased year on year by 1.4% to 244,670 tonnes. The group’s earnings held level in 2011: the adjusted EBITDA (adjusted earnings before interest, taxes, depreciation, amortisation, and other extraordinary expenses and income) amounted to € 101.1 million.
External weblinksConverting Today is not responsible for the content of external internet sites.Nordenia