Mondi Group has signed an agreement for the acquisition of Turkish packaging manufacturer Kalenobel. Mondi will acquire 90% of the outstanding share capital in Istandbul-based Kalenobel (Kale Nobel Ambalaj Sanayi ve Ticaret Anonim Sirketi) for a consideration of around €90m on a debt-and-cash-free basis. The sellers are Argus Capital, a private equity group, and M. Olcay Hephiz, one of the company's founders, according to Euwid.
Kalenobel has 500 employees and operates two manufacturing sites northwest of Istanbul.
