Johannesburg - Mondi Group has acquired 100% of the outstanding share capital of Excelsior Technologies Limited from funds managed by Endless LLP and certain other minority shareholders, for a total consideration of GBP 33 million (Euro 38 million), on a debt and cash-free basis.

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

Excelsior is a vertically-integrated producer of innovative flexible packaging solutions, mainly for food applications, with a unique packaging technology for microwave steam cooking.

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