Mondi Group has agreed to acquire 90% stake in Turkish consumer packaging firm, Kalenobel, for €90m.
The company will purchase the outstanding share capital in Kalenobel from Argus Capital and M. Olcay Hephiz, one of the company's founders.
Founded in 1955, Kalenobel provides flexible consumer packaging solutions for ice cream and other applications.
The company, which also manufactures aseptic cartons, exports its products to Western Europe, the Middle East and North Africa.
It supplies products to the international FMCG companies, as well as regional food and beverage producers.
Kalenobel operates two manufacturing sites at the northwest of Istanbul.
Subject to competition clearance and other customary closing conditions, the deal is expected to complete in the second half of this year.
Mondi Group chief executive David Hathorn said: "The acquisition of Kalenobel supports the growth of our consumer packaging business, broadening our product portfolio and geographic reach to better serve our customers in high-growth markets".
In February, Mondi agreed to acquire Simet corrugated plant located in Grabonóg, near Poznan in Poland.
The plant is designed to produce a range of flexo printed packaging including American cases, die-cut and multipoint folder-glued boxes.
