Mayr-Melnhof boss Peter Oswald has only been in office since May. And has already spent more than a billion euros – on acquisitions and investments. The latest coup: Mayr-Melnhof buys the Kwidzyn cardboard factory in Poland from International Paper for around 700 million euros.
The listed group pays 670 million euros for the Polish company and takes on an additional 33 million euros in liabilities.
The money comes from bank lines and borrower’s note loans.
And that’s only part of the shopping trolley that is bulging at Mayr-Melnhof. Only in December did the group announce that it would buy the Kotkamills Group in Finland for 425 million euros. This transaction should be completed by the middle of the year. Apart from the purchases, Mayr-Melnhof is also investing 100 million euros in the domestic Frohnleiten site and 18 million euros in folding box production in Hirschwang within two years (cardboard production at this location was closed last year – including job cuts).
With the purchase of Poland, Mayr-Melnhof is increasing its annual capacity in the cardboard division (there is also the packaging division) of fresh fiber-based products by around 740,000 tons per year.
The purchase of the plant in Finland also adds 400,000 tonnes (of which only 260,000 tonnes are active). Up until now, Mayr-Melnhof’s annual production in the fresh fiber sector was 350,000 tons per year. So there is a quadrupling of capacity here.
Compared with the recycling area, which was clearly dominant in the cardboard division of Mayr-Melnhof up to now, the share of the divisions is now approx. 50 percent each.
In Poland, Mayr-Melnhof will take over 2,300 employees with the actual completion of the takeover (closing) in the third quarter of the current financial year, in Finland there were 500. In total, the group increases the workforce to around 12,800.
At Mayr-Melnhof, there was no answer whether employees in Poland have to leave after the takeover. “It’s still too early for that. It is a cost effective plant.
The focus now is on the takeover and, over the next two years, the integration of the site, ”explains a spokesman.
A spokesman did not confirm to the KURIER whether the strategy was to buy now in times of crisis. “We take advantage of opportunities when they arise. That is independent of the big movements. ”
The company has no further big acquisitions in mind. But: “If there is something good on the market, we will take a look.” With the plants in Finland and Poland, they have bought those of this size that “suit us best”.