Oaktree sells Nordenia to paper group
US-based Oaktree Capital Management is selling Germany-headquartered Nordenia International, a consumer packaging solutions and hygiene components maker, to Mondi Group, an international paper and packaging company. Mondi will pay EUR240 million for the purchase.
After completion of the transaction, in the fourth quarter of 2012, subject to customary completion conditions including the approval of certain competition authorities,it is planned that the existing management team of Nordenia will lead the combined Consumer Packaging Business Unit from its current headquarters in Greven, Germany.
In FY 2011, Nordenia’s sales value grew almost 10% reaching EUR881 million while volume was 244,670 tonnes. About 3,000 employees work for Nordenia in Germany, Spain, Hungary, Russia, Poland, and outside Europe in the US, China, Malaysia and Australia. Additionally, a wholly owned greenfield plant is currently being constructed in China and is expected to begin operating in early 2014.