Mondi Group acquires packaging firm Excelsior

Mondi Group has acquired 100 percent of the outstanding share capital of Excelsior Technologies, for a total consideration of £33 million (€38 million), on a debt and cash-free basis. Excelsior is a producer of flexible packaging solutions, mainly for food applications, with a unique packaging technology for microwave steam cooking.

With two plants, located in Deeside (Northern Wales, UK) and Nelson (Lancashire, UK) the Excelsior serves both domestic and U.S. customers. For the year ended Dec. 31, 2016, Excelsior generated revenues of £39 million (€47 million).

“The acquisition of Excelsior supports the development of our Consumer Packaging business in high growth product applications,” said David Hathorn, chief executive of Mondi Group. “Its leading microwave steam cooking packaging technology complements and enhances our global food packaging offering.”