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(Sharecast News) - Packaging group Mondi has finalised the acquisition of certain assets from Schumacher Packaging, expanding its footprint across Germany, Benelux and the UK.
The deal, first announced in October for an enterprise value of 634m, adds more than 1bn square metres of capacity when fully operations.
The assets include two mega box plants in Germany's Ebersdorf and Greven, which are said to have best-in-class production speed and operational efficiency, and offer "significant growth potential" after a recent investment programme.
"This acquisition significantly strengthens our corrugated packaging business, extending our footprint in Western Europe and offering strong vertical integration opportunities," said Mondi's chief executive Andrew King.
"We are delighted to welcome our new Schumacher Packaging colleagues to Mondi. Together we will expand our eCommerce and FMCG offering, particularly in Western Europe, presenting exciting opportunities to introduce the group's unique range of products to a wider array of customers as they increasingly transition towards more sustainable packaging solutions."
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