Packaging company Mondi Group has completed its acquisition of the National Company for Paper Products and Import & Export S.A.E. (NPP) in Egypt, it announced.
Mondi Group has confirmed that all conditions of the €24 million (EGP510 million) sale, on a debt and cash-free basis, have been fulfilled. The announcement of the acquisition was originally made on 30 April 2018.
NPP operates an industrial bags manufacturing plant in Giza near Cairo, serving customers in the region. The company will be incorporated into Mondi’s fibre packaging business unit, which produces industrial bags and has four plants in the Middle East.
Erik Bouts, CEO of fibre packaging in the Mondi Group, commented on the acquisition, “We are excited to have completed this acquisition, which complements our existing network in the growing Middle East region and allows us to grow our business and better serve our customers.”
The packaging group reported a 15% operating increase to €295 million in the first quarter of the financial year in May.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Karen Henderson. Click subscribe to sign up to ESM: European Supermarket Magazine.
