MM Packaging to buy carton printing activities of Ileos

Ileos plans to sell its carton printing activities to MM Packaging and increase its focus on other product lines.

Ileos, owned by funds managed by Oaktree Capital Management since December 2011, received a binding offer for the printing activities of its Graphic division comprising Alliora, with the exception of the set-up boxes assembly activity, and Packetis

The deal was first proposed earlier in the summer, and was said to be for a purchase price of approximately 80 million EUR (91 million USD).

MM Packaging is a European folding carton specialist, headquartered in Austria. It offers offset, flexo and gravure printing, plus a range of finishing options such as laminating, spot and calendar varnishing, die-cutting, combination foiling and embossing, foil stamping and blind embossing.

Ileos, owned by funds managed by Oaktree Capital Management since December 2011, received a binding offer for the printing activities of its Graphic division comprising Alliora, with the exception of the set-up boxes assembly activity, and Packetis. The set-up boxes assembly activity will remain part of Ileos. Paul Quéveau has been appointed as managing director of this new subsidiary.

The parties will enter into a definitive transaction agreement once the works' council consultation process in France is completed. The transaction is subject to customary closing conditions and regulatory approvals.

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