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Mondi

From Wikipedia - Reading time: 7 min

Mondi plc
Company typePublic limited company
LSE: MNDI
JSE: MNP
FTSE 100 Component
Industry
  • Packaging
  • Paper
Founded1967; 57 years ago (1967)
HeadquartersWeybridge, England, UK
Key people
  • Philip Yea (chair­person) Edit this on Wikidata
  • Andrew R. King (CEO) Edit this on Wikidata
Products
  • Pulp
  • Paper
  • Containerboard
  • Packaging
RevenueDecrease €7,330 million (2023)[1]
Decrease €790 million (2023)[1]
Decrease €(134) million (2023)[1]
Number of employees
22,000 (2024)[2]
Websitewww.mondigroup.com

Mondi plc is a multinational packaging and paper group. Group offices are located in Weybridge, England. It has listings on the Johannesburg Stock Exchange and the London Stock Exchange, and is a constituent of the FTSE 100 Index.

History

[edit]

Mondi has its roots in South Africa where, in 1967, the company's former owner, Anglo American plc, built the Merebank Mill in Durban.[3]

In 2000, the company increased its holdings in Neusiedler AG and Frantschach AG, both Austrian businesses, to 100% and 70% respectively.[4] Also in 2000, it acquired Cofinec, a Polish business. It increased its holding in the Syktyvkar Mill in the Komi Republic to 90% in 2002.[5]

In 2004 Mondi further increased its holdings in Frantschach AG, one of its Austrian businesses, to 100% and in Celuloza Świecie AG, another Polish business, to 71% (and then changed its name to Mondi Packaging Paper Świecie).[6]

On 2 July 2007 the company demerged from its former parent company Anglo American plc, and became a dual-listed company, with Mondi Limited listed on the Johannesburg Stock Exchange and Mondi plc listed on the London Stock Exchange.[7]

In 2011, Mondi demerged Mondi Packaging South Africa (listed as Mpact on Johannesburg Stock Exchange).[8]

In 2012, Mondi acquired Nordenia to extend its consumer packaging business.[9]

In May 2017, Peter Oswald was appointed as the new group chief executive officer. In the same year, the approval of the €335 million Štětí mill modernisation (Czech Republic) happened.[10]

In 2019, Mondi completed the simplification of its corporate structure from dual listed into a single holding company under Mondi plc.[10]

On 1 April 2020, Andrew King succeeded Peter Oswald as Mondi Group's chief executive officer.[11]

On 4 May 2022, Mondi announced plans to divest from its Russian assets.[12] However, in December 2022, The Times reported than the sale of its Russian assets was "still awaiting approval".[13] In February 2023 Mondi was added to Ukraine International Sponsors of War list.[14] Mondi temporarily abandoned its stated intention of selling its most significant asset in Russia, the Syktyvkar Pulp and Paper Mill, to a company owned by Viktor Kharitonin, due to lack of progress with the necessary approvals, in June 2023.[15] However, in September 2023, the sale was completed and Mondi confirmed that it no longer trades in Russia.[16]

In January 2023, it was announced Mondi had completed the acquisition of the Duino paper mill from the Italian graphic and speciality paper company, Burgo Group for €40 million.[17]

In March 2024, the company made an agreed offer worth £5.1 billion to acquire DS Smith.[18]

References

[edit]
  1. ^ a b c "Preliminary Results 2023" (PDF). Mondi. Retrieved 23 February 2024.
  2. ^ "About us". Mondi Group. Retrieved 11 February 2024.
  3. ^ "60 yearsof service" (PDF). Tappsa Journal. Archived from the original (PDF) on 17 April 2016. Retrieved 25 March 2016.
  4. ^ "Frantschach Group fixes purchase of 25 factories from AssiDomän". APA. 15 May 2000. Retrieved 21 April 2022.
  5. ^ Anglo American to invest US $250 million in Russian paper mill Archived 15 March 2012 at the Wayback Machine PMD, 18 March 2002
  6. ^ "Frantschach wants to change the name of Mondi Packaging Paper Świecie". Money.pl. 25 April 2004. Retrieved 21 April 2022.
  7. ^ "Anglo American to list Mondi unit on July 3". Reuters. 1 June 2007. Retrieved 21 April 2022.
  8. ^ "Mpact starts slowly after Mondi demerger". IOL. 12 July 2011. Retrieved 21 April 2022.
  9. ^ "Mondi Buys Nordenia to Extend Consumer Packaging Business". Bloomberg. 11 July 2012. Retrieved 21 April 2022.
  10. ^ a b "Mondi appoints Peter Oswald as new chief". FT. 1 February 2017. Retrieved 1 March 2019.
  11. ^ "Andrew King to be appointed Mondi Group Chief Executive Officer". Pap News. 19 February 2020. Retrieved 11 August 2020.
  12. ^ "UK packaging firm Mondi to sell Russian assets". Reuters. 4 May 2022. Retrieved 6 May 2022.
  13. ^ "BP, HSBC and Unilever said they'd quit Russia in March, so why are they still there?". The Times. 3 December 2022. Retrieved 4 December 2022.
  14. ^ "Ukraine: Govt. names 13 intl. companies sponsors of war due to their continued operations in Russia". 10 February 2023.
  15. ^ "Mondi withdraws from deal to sell Syktyvkar facility in Russia". Packaging Gateway. 6 June 2023. Retrieved 19 July 2023.
  16. ^ "Mondi completes exit from Russia as inks Syktyvkar sale". Morning Star. 4 October 2023. Retrieved 8 November 2023.
  17. ^ Singsit, Jangoulun (13 January 2023). "Mondi closes acquisition of Duino paper mill near Trieste, Italy". Packaging Gateway. Retrieved 13 January 2023.
  18. ^ "DS Smith shares lift after Mondi takeover deal agreed". The Herald. 8 March 2024. Retrieved 9 March 2024.
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