Mondi has completed the acquisition of a control stake in Suez Bags, a bags producer operating one plant near Cairo in Egypt.
Mondi has purchased a control position in Suez Bags Company for EGP26.01 per share, which implies an equity value of EGP284 million (€13.6 million) on a 100% basis. Mondi now owns 96% of the company.
Suez Bags is an industrial bags producer operating one plant near Cairo in Egypt serving mostly regional customers and is Mondi’s second industrial bags acquisition in Egypt, following the acquisition of NPP in June this year.
The business will be integrated into Mondi’s Fibre Packaging business. Mondi is the global leader in industrial bags, with more than 40 operating sites including five in the Middle East.
The acquisition of Suez Bags complements our network of plants in the growing Middle East region and provides us with a leading position in Egypt to grow our business and better serve our customers.
Source: Company Press Release