Smurfit Kappa Group plc (SKG) announces that it has signed an asset swap agreement with Germany- Mondi Group, an integrated packaging and business paper producer. Under the arrangement, SKG will acquire Mondi’s corrugated operations in the United Kingdom, while Mondi will acquire SKG’s Western European sack converting operations.
Mondi’s UK corrugated operations include three corrugated box plants. The three facilities reported a combined 2009 full year earnings before interest, tax, depreciation and amortization (EBITDA) of£7.1 million (US$11 million).
In return, SKG is disposing of its Western European sack converting operations, comprising four plants in France, three in Spain, and one in Italy, as well as a number of sales offices.
“We are pleased to announce this asset swap agreement, which further strengthens the Group’s leadership in its core corrugated packaging grade, and enhances the efficiency of its integrated system in the increasingly attractive UK market,” says Gary McGann, SKG’s CEO.
Get curated news on YOUR industry.
Enter your email to receive our newsletters.
Latest from Recycling Today
- Sunnking doubles processing capacity with Untha shredder addition
- Ewaste+ acquires Take 2 Recycling
- Constellium partners with Tarmac Aerosave to recycle aluminum from end-of-life aircraft
- Turmec will supply equipment to New Zealand MRF
- ATI starts up titanium sheet production
- Eriez adds ASEAN region manager
- Cyclic Materials invests $25M to launch rare earth recycling R&D site in Ontario
- Smurfit Westrock publishes first sustainability report