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 (€13.6 million) on a 100% basis. Mondi now owns 96% of the company.
Suez Bags is an industrial bags producer operating one plant near Cairo in Egypt. The plant serves mostly regional customers and is Mondi’s second industrial bags acquisition in Egypt, following the acquisition of NPP in June this year.
Increasing footprint in the Middle East
Furthermore, the business will be integrated into Mondi’s Fibre Packaging business. Mondi is one of the global leaders in industrial bags. It has more than 40 operating sites including five in the Middle East.
The acquisition of Suez Bags complements Mondi’s network of plants in the growing Middle East region. It provides the company with a leading position in Egypt to grow its business.