Mayr-Melnhof Karton, a manufacturer in the paper and packaging industry, agreed to acquire Kotkamills, which operates two board and paper machines at its integrated mill in Kotka, for $515m. "The acquisition of Kotkamills is an ideal complement to our existing cartonboard business. It strengthens MM’s business model as a dedicated cartonboard and folding carton producer with a reinforced position in virgin fiber based cartonboard which has good growth potential. Kotkamills adds significantly to MM’s sustainability strategy offering innovative solutions for plastic replacement. We have great confidence in the top-class team of Kotkamills to shape a promising future together," Peter Oswald, Mayr-Melnhof Group CEO.