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Europe: Mondi buys UK packaging company

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Mondi Group has acquired 100% of the outstanding share capital of Excelsior Technologies Limited for £33 million (US$41.3 million), on a debt and cash-free basis.

Excelsior is a vertically-integrated producer of flexible packaging solutions for microwave steam cooking.

With two plants, located in Deeside and Nelson, UK, the company serves both domestic and US customers.

For the year ended 31 December 2016, Excelsior generated revenues of £39 million.

“The acquisition of Excelsior supports the development of our consumer packaging business in high growth product applications,” says David Hathorn, chief executive of Mondi Group.

“Its leading microwave steam cooking packaging technology complements and enhances our global food packaging offering.”