Mayr-Melnhof Packaging acquires Colombian Plegacol and creates a new Colombian market leader in folding cartons
With Plegacol, Mayr-Melnhof Packaging has acquired a further leading Colombian folding carton producer located in Santiago de Cali. The company generates annual sales of approximately EUR 15 million.
Upon official authorization of this transaction operations of Plegacol and Gráficas Los Andes S.A., Cali, the largest Colombian folding carton manufacturer, in which MM Packaging already holds a 20 % shareholding and an option right to 100 %, will be concentrated to form a new Colombian market leader in folding cartons. This entity will generate sales of about EUR 30 million with around 400 employees and convert approximately 16,000 tons of cartonboard p.a.
For MM Packaging the acquisition of Plegacol constitutes already a third step into Latin America subsequent to the acquisition of the Chilean market leader Marinetti in 2010 and an interest in Gráficas Los Andes S.A earlier this year. "Our goal is to follow our customers into future markets and to create a Latin American network of highly efficient folding carton plants, which we will develop according to best practice of the MM Group", outlines CEO Wilhelm Hoermanseder the long term strategy.