MONDI has entered into an agreement to acquire the German, Benelux and UK corrugated converting and solid board operations of Schumacher Packaging for an enterprise value of €634 million.
The deal will expand Mondi’s corrugated footprint in western Europe and add complementary fibre-based products to its portfolio, focused on e-commerce and FMCG.
The acquisition comprises seven corrugated converting plants, two solid board mills and four solid board converting plants. Among the acquired sites are two mega-box plants in Germany, located at Ebersdorf and Greven.
Andrew King, Mondi Group CEO, said, “Our focus is on investing to meet the growing market demand for sustainable packaging while driving value for our stakeholders. This acquisition significantly increases our corrugated converting capacity, extends our reach across Western Europe, and offers strong downstream integration opportunities, while broadening our customer offering with a complementary fibre-based product range.
“We are delighted to be acquiring these assets and look forward to welcoming our new Schumacher Packaging colleagues and customers to Mondi. On completion, Mondi will have an enhanced customer proposition and a strong platform for further growth.”
Björn Schumacher and Hendrik Schumacher, co-CEOs of Schumacher Packaging, will be retained, respectively, as a strategic adviser and as chief operating officer solid board. Mondi said it welcomes their continued involvement to ensure a ‘smooth transition and support the ongoing development of the combined business’.
“Our aim was to find a company that shares our entrepreneurial vision for the industry and has the size and strength to actively and sustainably shape the future of packaging. We have found an ideal partner for this in Mondi,” added Björn Schumacher, CEO of Schumacher Packaging.
The transaction, which is subject to certain customary regulatory approvals, is expected to close in the first half of 2025.
