AR Packaging Group AB has entered into a definitive agreement with a subsidiary of Nampak for the acquisition of all outstanding shares in Nampak Cartons Nigeria, as it seeks to 'deploy true growth opportunities' in the country and more broadly in Africa.
Nampak Cartons Nigeria is a producer of high quality folding carton products for the tobacco, food and consumer goods segments. The company serves a broad market of primarily multinational customers in the tobacco and food segments from its production facility in Ibadan, Oyo State. Currently, the company employs approximately 200 personnel. Nampak Cartons Nigeria was established in 2004 by a subsidiary of Nampak, the Johannesburg Stock Exchange listed African packaging company with over 45 facilities worldwide.
Completion of the acquisition is subject to customary closing conditions, including local regulatory approvals. The parties to the acquisition have agreed that no financial details will be disclosed.
Harald Schulz, president and CEO at AR Packaging, said: ‘With the acquisition of Nampak Cartons Nigeria, we have taken an important first step towards establishing a footprint in the African market. We are very pleased to have found such a competent partner for our global growth ambitions, and we will now be able to serve our multinational customer base on three continents.
‘Together with the highly experienced management team of Nampak Cartons Nigeria, we are convinced that we will be able to deploy true growth opportunities in Nigeria and more broadly in Africa.’