Mondi Group has signed an agreement to acquire 95 percent of the outstanding share capital in KSP.

Established in 1973, KSP specializes in the production of high-quality spouted and retort standup pouches for the food, pet food and beverage industries. Its main manufacturing site is located near Seoul, South Korea. KSP has another plant near Bangkok, Thailand. The company's international headquarters are located in Santa Ana, California. KSP exports approximately two thirds of its production, mainly to the US, Europe and other Asian countries, and generated revenues of approximately $50 million (U.S.) in 2014.

KSP is a fit with Mondi’s standup pouch operations in Korneuburg, Austria and Jackson, Missouri, and will enable Mondi to better serve its customers in the U.S. and throughout Asia.

“This acquisition further supports Mondi’s strategy to develop in high value-added, high-growth markets in our consumer packaging business,” says David Hathorn, chief executive of Mondi Group.

The transaction remains subject to competition clearance and other customary closing conditions. It is expected to be finalized before the end of 2015.