Mondi Group has acquired 100 per cent of the outstanding share capital of ZAO Uralplastic-N (‘Uralplastic’) from Joint Stock Company Rusnano and a private investor. The company has a clear strategy to expand its Consumer Goods Packaging business through organic growth and value-enhancing acquisitions.
“The acquisition enables us to strengthen the service we provide to our existing customers in this growing market and it gives us the opportunity to broaden our customer base in the region,” said Peter J Oswald, CEO Mondi Europe and International.
Uralplastic operates one plant near Ekaterinburg, in the Ural region of Russia, and manufactures a range of consumer flexible packaging products for food, hygiene, homecare and other applications. The company serves both local and international customers. For the year ended December 31, 2015, Uralplastic generated revenues of RUB1,988 million (€29.2 million) and adjusted EBITDA of RUB318 million (€4.7 million).
Commenting on the transaction, Alexey Goncharov, co-owner of Uralplastic-N, added: “I’m proud of what we’ve achieved with Uralplastic. It has grown significantly over the years and it now joins a reputable international group that will ensure the future success of the business.”
Oswald concluded: “Mondi has strong experience in Russia and a clear commitment to this market. We already have around 5,700 employees in Russia across our mill in Syktyvkar (producing uncoated fine paper and containerboard), our packaging plant in Pereslavl (producing multi-layer printed packaging materials for consumer products) and our sales offices in Moscow. We are excited to welcome the Uralplastic team and we look forward to exchanging knowledge and expertise with our new colleagues.”
This news comes after Mondi announced its acquisition of the Turkish flexible packaging manufacturer, Kalenobel, for €90 million on a debt-and-cash-free basis.