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Hartmann expands with acquisition of Mohan Fibre in India
Hartmann has entered into an agreement with the shareholders of Mohan Fibre Products Pvt. Ltd. (“Mohan Fibre”) for the acquisition of the company, which sells moulded-fibre packaging to egg and apple producers in India with a particular focus on the northern states of Himachal Pradesh, Punjab and Haryana.
The purchase price is DKK 119 million, corresponding to an EBITDA multiple of around 9. The transaction will strengthen Hartmann’s earnings per share (EPS) immediately after the acquisition, which is expected to be completed by mid-2020 conditional on a formal authority approval of Hartmann as a buyer.
Profitable business in an attractive market
Mohan Fibre operates a factory near the city of Chandigarh, which is located around 250 kilometres north of New Delhi. In 2019, Mohan Fibre was expected to generate revenue around DKK 75 million and EBITDA around DKK 13 million based on current exchange rates.
Mohan Fibre is India’s largest and leading manufacturer of quality egg and fruit packaging. The transaction establishes a solid platform for Hartmann in the attractive Indian market, which is characterised by a favourable demographic development and increasing egg and fruit production. The combination of population growth and rising urbanisation in the coming years forms a solid foundation for continued development of the retail industry and increasing demand for quality egg packaging. In addition, the penetration of moulded-fibre packaging for protection of fruit is expected to increase as supply chains are professionalised.
Read more in the official press release here
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