Mondi Group has sold its extrusion coatings plant Belcoat in Duffel, Belgium to Walki Group Oy.
Headquartered in Espoo, Finland, Walki Group, a leading producer of technical laminates and protective packaging materials acquired 100% of the shares under the terms of a definitive purchase agreement signed today. Financial terms of the transaction have not been disclosed.
Mondi Belcoat nv produces highly specialised extrusion coated products and serves customers across various specialty product markets. The company employs just over 100 people. In 2018, Belcoat generated a turnover of €37m.
Walki’s production facilities are located in Finland, Germany, the Netherlands, Poland, the UK, Russia and China, and the company is pursuing further growth. In May, it announced it was acquiring Plastiroll Oy, a Finnish sustainable packaging material producer.
The present acquisition is ‘in line with our strategy to expand our customer base and to strengthen our position in highly specialized engineered materials’, said Leif Frilund, President and CEO of Walki in a statement announcing the deal.
The transaction remains subject to competition clearance and other customary closing conditions and is expected to be completed in the second half of 2019.