Africa’s biggest packaging company Nampak has sold its Nigerian paper packaging unit, as part of plan to shrink its portfolio and boost returns, it said on Wednesday.
Nampak said the business, which makes cartons for tobacco, food, and consumer goods industries, would be sold to privately-held Swedish cigarette pack maker AR Packaging for an undisclosed amount.
“We continue to rationalise the portfolio to improve returns on capital and reinforce our strategic intent. Proceeds from this disposal will further strengthen the company’s financial position,” Nampak Chief Executive André de Ruyter said.
Nampak has retained its aluminum and tin canning products and services in Nigeria, Africa’s biggest economy, but a country that has proven tough for some South African companies.
Telecoms group MTN has had a few clashes with regulators in Nigeria in recent years including over a disputed $2 billion tax bill and over missing the deadline to cut off unregistered SIM cards.
Other South African companies have left the country over the last five years, citing regulatory issues and under performance. They include hotels group Sun International, and retailer Woolworths and consumer food maker Tiger Brands.
Nigeria’s huge, expanding population of young people of working age, however, has made the west African country one of the top investment destinations on the continent. (Reporting by Onke Ngcuka Editing by Alexandra Hudson)
By Onke Ngcuka
Source: Reuters
BASF will build a commercial scale battery recycling black mass plant in Schwarzheide, Germany. This investment strengthens BASF’s cathode active materials (CAM) production and recycling hub in Schwarzheide. The site is an ideal location for the build-up of battery recycling activities given the presence of many EV car manufacturers and cell producers in Central Europe.
Clariant says it is reducing its number of businesses from five to three, by merging units, under a reorganization that is in line with the company’s purpose-led strategy and cultural transformation. The moves will position Clariant for long-term sustainable growth, the company says.
Chemicals & plastics industry has the most diversified end-use market across all manufacturing industries. The industry returned to growth in 2021 but a supply chain crunch prevented it from becoming stronger. The market is likely to stabilize in the second half of 2022 with a supply-demand balance.
