Mutares has completed the acquisition of packaging and label manufacturer Metsä Board Zanders for an undisclosed amount.
The new company will trade under the name of Zanders after Munich-based Mutares received the approval of Germany’s competition authority. Metsä Board Zanders was previously a part of Finnish paperboard manufacturer Metsä Board and employs 480 staff at its site in Bergisch Gladbach, near Cologne.
Earlier this month, Metsä Board reported first quarter sales of more than €525m, which represented nearly a 5% increase on the same period last year – although Metsä Board Zanders recorded a loss of €20m in its most recent annual report, despite a turnover of €85m.
Mutares CEO Axel Geuer suggested that it would continue to pursue industry acquisitions. He said: “With the acquisition of Zanders mutares continues its ambitious growth strategy This year, we expect three more acquisitions.”
The company will seek to drive sustainable growth within Metsä Board Zanders’ product portfolio, which includes the Chromolux, Zanlabel and Zanflex brands.
Zanders managing director Dr Lennart Schley said: “We want to take advantage of our longstanding employees’ know-how to consolidate our core business and sharpen our profile. We believe that continuity in partnerships with customers and suppliers are equally important as building our market presence.”
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