Mondi Inks Deal to Acquire KSP
Mondi Group has signed an agreement to acquire 95 percent of the outstanding share capital in KSP Co. and related interests (“KSP”).
Established in 1973, KSP is a flexible packaging company specialized in the production of high-quality spouted and retort stand-up pouches for the food, pet food and beverage industries with its main manufacturing site near Seoul, South Korea and an interest in a plant near Bangkok. KSP exports approximately two thirds of its production, mainly to the United States, Europe and other Asian countries. For the 12 months ended Dec. 31, 2014, KSP generated revenues of approximately $50 million.
KSP offers an excellent product fit with Mondi’s stand-up pouch operations in Korneuburg, Austria and Jackson, Missouri, and will enable Mondi to better serve its customers in the U.S. and Asia.
“This acquisition further supports Mondi’s strategy to develop in high value-added, high-growth markets in our consumer packaging business," David Hathorn, CEO of Mondi Group, said.
The transaction remains subject to competition clearance and other customary closing conditions and is expected to be completed during the fourth quarter of 2015.
