Mondi has signed an agreement to acquire 100% of the outstanding shares in National Company for Paper Products and Import & Export S.A.E (“NPP”), for a total consideration of EGP510 million (Euro 23.7 million) on a debt and cash free-basis. The transaction is subject to customary closing conditions and is expected to complete during the first half of 2018, as the company says in the press release received by Lesprom Network.
Commenting on the acquisition, Erik Bouts, CEO Fibre Packaging, Mondi Group, said: “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”.
NPP is a privately owned industrial bags producer, operating one plant in Giza near Cairo, Egypt, serving mostly regional customers. For the year ended 31 December 2017, the Company generated revenues of EGP577 million (Euro 29 million) and adjusted EBITDA of EGP107 million (Euro 5 million).
Mondi is the leading industrial bags producer in the Middle East, operating four plants in the region.
