Feed:
2851
- Date:
5/10/2018
- Views:
468
Mondi is growing in Egypt. The company will acquire a local industrial bags producer, thereby adding a fifth plant to its operations in the Middle East.
Mondi plans to take over National Company for Paper Products and Import & Export (NPP) in Egypt for a consideration of EGP510m (€29m). The company said that a corresponding agreement had been signed, adding that the transaction was scheduled to be finalised during the first half of 2018.
NPP is a producer of industrial bags, operating one plant in Giza near Cairo. According to Mondi, the company is serving mostly regional customers. In 2017, NPP booked sales of EGP577m (€29m).
Mondi describes itself as the leading industrial bags producer in the Middle East, where it operates four plants. ” The acquisition of NPP complements our network of plants in the growing Middle East region and provides us with a leading position in Egypt,” commented Erik Bouts, CEO of Mondi Fibre Packaging.