30th Apr 2018 07:38
LONDON (Alliance News) - Paper and packaging firm Mondi PLC on Monday said it has agreed to buy National Company for Paper Products and Import & Export SAE, or NPP, for EUR23.7 million.
NPP is a privately owned industrial bags producer, operating one plant in Giza near Cairo, Egypt. For 2017, the company generated revenue of EUR29 million and adjusted earnings before interest, tax, depreciation and amortisation of EUR5 million.
Mondi - which is listed in both London as Mondi PLC and South Africa as Mondi Ltd - itself operates four plants in the region, and said it is the "leading industrial bags producer" in the Middle East.
"The acquisition of NPP 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," said Erik Bouts, Fibre Packaging chief executive.
The deal is subject to customary closing conditions and is expected to complete during the first half of 2018.
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