Mondi has agreed to buy a privately-owned industrial bags maker operating in Egypt for 23.7 million euros ($28.75 million) to expand deeper into the Middle East, the South African packaging group said on Monday.
Mondi, which is also listed in London, said it would buy all the shares in National Company for Paper Products and Import & Export S.A.E (NPP) on a debt and cash free-basis.
“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, Mondi’s chief executive of fibre packaging.
Mondi is already a leading producer of industrial bags in the Middle East, operating four plants in the region.
Its bags include those suitable for heavy duty use or rapid filling, as well as for keeping produce fresh.
Mondi has embarked on a 750 million euro project to increase capacity at its paper mills and bolster revenue from 2019 onwards by catering to higher demand in container and corrugated packing and some areas of consumer packaging.
NPP operates one plant in Giza near Cairo serving mostly regional customers. Last year, it generated revenues of 29 million euros and adjusted earnings before interest, tax, depreciation and amortisation of 5 million euros.
At 0710 GMT, Mondi shares in London were up 0.8 percent. ($1 = 0.8245 euros)
By Nqobile Dludla
Source: Reuters
The Chemours Company (NYSE: CC), DuPont de Nemours, Inc. (NYSE: DD) and Corteva, Inc. (NYSE: CTVA) (the “companies”) today announced they have reached an agreement in principle to comprehensively resolve all PFAS-related drinking water claims of a defined class of public water systems that serve the vast majority of the United States population.
The quest to develop hydrogen as a clean energy source that could curb our dependence on fossil fuels may lead to an unexpected place — coal. A team of Penn State scientists found that coal may represent a potential way to store hydrogen gas, much like batteries store energy for future use, addressing a major hurdle in developing a clean energy supply chain.
WE Soda (London), a major producer of soda ash, said it intends to launch an IPO and apply to list its shares on the main market of the London Stock Exchange. The company, wholly owned by industrial conglomerate the Ciner Group (Istanbul, Turkey), said it is the world’s largest producer of natural soda ash.
