Mondi has completed the acquisition of a control position in Suez Bags Company S.A.E (“Suez Bags”) for EGP26.01 per share, which implies an equity value of EGP284 million (Euro 13.6 million) on a 100% basis. Mondi now owns 96% of the company.
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.
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.
Mondi is a global leader in packaging and paper, delighting its customers and consumers with innovative and sustainable packaging and paper solutions.
