EQS-News: Mayr-Melnhof Karton AG
/ Key word(s): Mergers & Acquisitions
Proposed acquisition expands MM Packaging’s cartons, leaflets and labels activities for the pharma and health market creating an attractive platform for further growth
Mayr-Melnhof Group (MM) has agreed to acquire Essentra Packaging (100% of the shares in ESNT Packaging & Securing Solutions Limited (UK) and its affiliated companies, as well as 100% of the shares in Essentra Packaging US Inc (US)) from Essentra plc (UK) for a cash and debt free consideration of GBP 312 million (currently approx. EUR 365 million).
The acquisition of Essentra Packaging implements MM Packaging's strategy to grow in profitable and resilient segments such as pharma secondary packaging and strengthens its position in the European pharma carton & leaflets market. In addition, this acquisition will expand MM’s footprint into the US market with an important position in the East-Coast pharma hub.
Essentra Packaging has reported 2021 sales of c. GBP 370 million (currently approx. EUR 430 million). Essentra Packaging has 21 manufacturing sites in 10 countries in Europe and North America ideally complementing MM Packaging’s current positions in the Nordics through recently acquired Eson Pac and its legacy business in France. The company delivers to a global customer base of 800+ customers, including 19 of the top 20 pharma companies. Essentra Packaging employs more than 3,500 people.
MM CEO, Peter Oswald, comments: “For us, the acquisition of Essentra Packaging is a game-changer in the profitable, resilient and growing pharma packaging market. We have identified attractive upside potential and synergies and are well-prepared to take on the integration challenge. With an excellent fit to our current position, our new combined entity will enable more innovation for sustainable pharma packaging solutions. We have great confidence in shaping a promising common future together with the team of Essentra Packaging.”
The purchase price will be paid from existing cash reserves and committed credit lines. The transaction is subject to the fulfilment of customary closing conditions (e.g. regulatory approvals). Closing of the transaction is expected in Q4 2022.
For further information, please contact:
24.06.2022 This Corporate News was distributed by EQS Group AG. www.eqs.com
|Company:||Mayr-Melnhof Karton AG|
|Phone:||0043 1 501 36 91180|
|Fax:||0043 1 501 36 91391|
|Listed:||Regulated Unofficial Market in Berlin, Frankfurt (Basic Board), Munich, Stuttgart; Vienna Stock Exchange (Official Market)|
|EQS News ID:||1382755|
|End of News||EQS News Service|