Mondi wraps up Egyptian Suez Bags deal
BRUSSELS, Aug. 9, 2018 (PPI Europe) -Mondi has completed the acquisition of 96% of the Egypt-based sack kraft producer Suez Bags Company for EGP 26.01 ($1.45) per share, the firm said in a press release. The equity value of the company amounts to EGP 284 million, according to the statement.
Mondi noted that Suez Bags will be integrated into the company’s fiber packaging business. The company said in the press release: “The acquisition of Suez Bags complements our network of plants in the growing Middle East region and provides us with a leading position in Egypt to grow our business […].”