Mondi – Flexible packaging manufacturer acquired
TURKEY • Mondi Group announced the acquisition of Kalenobel, the Turkish flexible packaging manufacturer, for EUR 90 million on a debt-and-cash-free basis (consideration for 90% of the business). Kalenobel, headquartered in Istanbul with two production facilities in Kırklareli, will become part of its consumer goods packaging business and will be renamed Mondi Kalenobel.
Established in 1955, Kalenobel is a Turkish consumer packaging company that produces flexible consumer packaging for ice cream and other applications as well as aseptic cartons. Its products include ice cream cone sleeves and lids, push up tubes, squeeze-ups and paper cups.
The global ice cream market is growing with an estimated retail sales value in 2015 of EUR 70 billion according to Euromonitor. Kalenobel exports approximately half of its production, mainly to Western Europe, the Middle East and North Africa.