Mondi snaps up UK high-tech food packaging supplier
Paper producer Mondi has bought UK packaging company, Excelsior Technologies, in a deal worth R545-million.
Mondi, listed in London and Johannesburg through a dual-listed structure, says it bought the company from funds managed by Endless and certain other minority shareholders, for £33-million on a debt and cash-free basis.
Excelsior is a vertically-integrated producer of flexible packaging solutions, mainly for food applications, with a packaging technology for microwave steam cooking, Mondi says in a statement issued today.
With two plants, located in Deeside (Northern Wales) and Nelson (Lancashire) the company serves both domestic and US customers.
For the year to December, it generated revenues of £39-million.
Mondi CEO, David Hathorn, says the deal “supports the development of our consumer packaging business in high growth product applications.
"Its leading microwave steam cooking packaging technology complements and enhances our global food packaging offering”.
Source: Business Report