Vienna -- Following an 11 July 2012 announcement, paper and packaging company Mondi Group says that it has now completed the acquisition of 99.93 percent of the share capital of packaging group Nordenia International AG from funds managed by Oaktree Capital Management LP and minority shareholders, for Euro 259 million ($334 million).
Mondi supplies some of its paper products into the urethanes sector, with the Mondi Extrusion Coatings unit offering process liners for flexible polyurethane foam production, while its Mondi Belcoat business supplies paper facings for production of rigid foam insulation.
Both Mondi and Nordenia have major businesses in consumer packaging.
To buy Nordenia, Mondi earlier said it would also assume Euro 398 million of debt from current Nordenia owners Oaktree.
Nordenia, which supplies consumer packaging and hygiene components, has 12 plants in seven countries across Europe, North America and Asia, and is currently building a greenfield plant in China, expected to begin operating in early 2014.
The deal should be completed in the fourth quarter of 2012, subject to conditions including the approval of certain competition authorities, said an 11 July Mondi statement.
Mondi earlier said the acquisition of Nordenia offers it an opportunity to create a leading consumer packaging business, build on long-term customer relationships across both businesses and to establish a platform to expand further in high-growth emerging markets.