The completion of the deal follows on from packaging firm Mondi announcing its intention to acquire the mill last August.
In 2021, Mondi had revenues of €7.0 billion and underlying EBITDA of €1.2 billion from continuing operations, and employed 21,000 people worldwide.
New R&D Facility To Open
Last September, Mondi announced it would invest approximately €5 million in a new research and development (R&D) facility, at Mondi Steinfeld in Germany. The group hopes the new centre will support customers by helping them to develop solutions that achieve their sustainability goals.
The centre will open its doors at the end of 2023 and will complement Mondi’s other research and development centres, such as the recycling and food safety laboratories in Frantschach, Austria.
Speaking in September, Elisabeth Schwaiger, head of R&D and IP flexible packaging at Mondi, said, "This R&D centre demonstrates our hands-on approach to developing sustainable packaging solutions at Mondi. We look forward to working with our customers, combining their knowledge with ours to meet their sustainable packaging goals."
"The investment helps to contribute to our own Mondi Action Plan 2030 sustainability goals, specifically our target to make 100% of our products reusable, recyclable, or compostable by 2025."
First Recycling Laboratory
Additionally, in the same month, Mondi opened its first recycling laboratory at its Frantschach mill in Austria to test the recyclability of paper and paper-based packaging using non-paper components, such as coatings.
In a statement, the group claimed that conducting recycling tests in-house will speed up the process of developing sustainable packaging.
"The ability to provide our customers with information on the recyclability of our products will be a key enabler in our efforts to develop more sustainable solutions and enhance our value proposition for customers, " said Schwaiger.