Mondi Acquires Suez Bags in Egypt
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This past week (Aug. 9, 2018), Mondi Group (Vienna, Austria) confirmed that it has completed the acquisition of a control position in Suez Bags Company S.A.E (Suez Bags) for EGP 26.01 per share, which implies an equity value of EGP 284 million (EUR 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, Egypt serving mostly regional customers and is Mondi’s second industrial bags acquisition in Egypt, following the acquisition of NPP in June this year. The business will be integrated into Mondi’s Fiber Packaging business. Mondi is a global leader in industrial bags, with 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 and provides the company with a leading position in Egypt to grow their business and better serve customers.
