menu
Further to the announcement made on April 2018, Mondi confirms that all conditions have been satisfied and it has completed the acquisition of National Company for Paper Products and Import & Export S.A.E (“NPP”), for a total consideration of EGP510 million (€24 million) on a debt and cash free-basis.
NPP operates an industrial bags plant in Giza near Cairo (Egypt), serving regional customers. The business will be integrated into Mondi’s Fibre Packaging Business Unit, which is a leading producer of industrial bags with four plants in the Middle East. Last year, it generated revenues of 29 million euros and adjusted earnings before interest, tax, depreciation and amortisation of 5 million euros.
Commenting on the acquisition, Erik Bouts, CEO Fibre Packaging, Mondi Group, said: “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.”
It has to be noted that the initial talks happened during April and it was completed in mid of June.