Mondi completes merger of Mondi Tire Kutsan and Mondi Olmuksan in Turkey
News General news
Further to an announcement made in July 2022, Mondi confirms that all conditions have been satisfied and the merger of Mondi Tire Kutsan Kağıt ve Ambalaj Sanayi a.ş. and Mondi Olmuksan Kağıt ve Ambalaj Sanayi Anonim Şirketi has come into effect from 30 September 2022. Mondi currently holds 84.65% of the shares of Mondi Turkey Oluklu Mukavva Kağıt ve Ambalaj Sanayi A.Ş.
The new entity Mondi Turkey Oluklu Mukavva Kağıt ve Ambalaj Sanayi A.Ş., is part of Mondi’s Corrugated Packaging business unit. Mondi Turkey Oluklu Mukavva Kağıt ve Ambalaj Sanayi A.Ş. operates a network of nine corrugated solutions plants across the country, a containerboard mill in Tire and a waste paper collection facility in Adana. Mondi Turkey Oluklu Mukavva Kağıt ve Ambalaj Sanayi A.Ş. employs more than 1,600 people and has a listing on the Istanbul Stock Exchange (BIST).
"We are delighted to have completed this merger, which significantly strengthens our position in the fast-growing Turkish corrugated market and expands our offering to existing and new customers in the region. Our customers benefit from innovative and competitive products and a comprehensive and complementary product portfolio, to meet in particular the rising demand for sustainable packaging solutions within the FMCG, eCommerce and industrial market sectors."
(Armand Schoonbrood, COO Mondi Corrugated Solutions)
