British multinational packaging and paper group Mondi is expanding its investments in Turkey.
Mondi Corrugated B.V., affiliated to the Mondi Group plc., announced that it has agreed to acquire 90.38 percent of the outstanding shares in Olmuksan from I.P Container Holdings Spain SL on January 5.
The total purchase price specified in the contract is EUR 66.4 million.
“We are excited by this unique opportunity to significantly strengthen our position in the fast-growing Turkish corrugated market and expand our offering to existing and new customers in the region," Mondi CEO Andrew King said.
Mondi has operated successfully in Turkey for many years and developed a strong understanding of the market and its long-term opportunities, the company said in its statement.
The company also has 79.25 percent of the outstanding shares of Mondi Tire Kutsan, employing more than 800 people in its one paper plant and 4 box plants in Turkey.