Europac acquires two French Mondi sites

Mondi Packaging Atlantique and Mondi Packaging Savoie manufacture regular slotted cases, flat-bed die-cut products, shelf-ready packaging, tray solutions and more.

Europac has estimated that the acquisition will boost sales in France and Portugal to 74% of the company’s total sales and increase sales in its cardboard division by some 50% a year.

The company is present in the whole corrugated cardboard supply chain. It employs 1,342 employees across 29 sites located in Spain, Portugal and France.

In February, Mondi reported a net loss of EUR 103m for the year to 31 December, down from a net profit of EUR 382m in the previous year, and a 1% increase in sales of EUR 6.3bn (£5.6bn, at today’s prices).

Mondi’s executive committee led by chief executive David Hathorn have requested not to considered for a salary increase in 2009.

Hathorn’s salary, therefore, will remain at EUR 972,333 (£775,000) per annum, while his bonus for 2008 was cut by 83% to EUR 232,224 (£204,738).

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