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Mondi Considers Closure of Holcombe Recycled Containerboard Mill
Johannesburg, South Africa, 22 September 2008 -- Mondi has entered into consultations with the workforce of its Holcombe mill regarding the likely closure.

Holcombe is a 105,000 metric ton recycled containerboard mill located in the UK and employs approximately 90 people. The book value of the fixed assets (including land and buildings) was EUR 1.5 million, as of 30 June 2008, and total closure and other costs (including write-down of fixed assets) is likely to be about EUR 5 million, pre-tax.

The likely closure of Holcombe reflects its high cost position, in particular rising energy costs, against a backdrop of declining demand as the economy continues to slow, all of which has seen the mill move into an operating loss position.

Mondi is an international paper and packaging group and in 2007 had revenues of EUR 6.3 billion. Its key operations and interests are in western Europe, emerging Europe, Russia, and South Africa.

The Group is principally involved in the manufacture of packaging paper and converted packaging products; uncoated fine paper; and speciality products and processes, including coating, release liner, and consumer flexibles.

Mondi is fully integrated across the paper and packaging process, from the growing of wood and manufacture of pulp and paper (including recycled paper) to the converting of packaging papers into corrugated packaging and industrial bags.

Mondi has production operations across 35 countries and had an average of 35,000 employees in 2007.

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