Nampak to invest R4bn in glass business

Date: 23 November 2011
JSE-listed packaging company Nampak is to buy out the German partner to its local glass business, and to invest up to R4-billion over the next five or six years in building new glass furnaces in South Africa and elsewhere on the African continent.

Nampak said in a statement last week that it would spend R938-million acquire the 50% stake in its glass business that it did not own from Bayerische Flaschen-Glashuttenwerke Wiegand & Sohne (Wiegand-Glas).

"This acquisition is part of our strategy of investing in our core businesses where we believe we have competitive advantages," said Nampak CEO Andrew Marshall. "As a result, Nampak is looking to grow its glass operations in South Africa and the rest of Africa.

"This will be more easily achieved by us owning 100% of the glass business."

He added that although Wiegand-Glas would no longer be shareholders in the business, they had agreed to remain as the company's technical service provider.

The private German glass making business has been the technical partner to Nampak's glass operations for the past 10 years, having acquired a its 50% stake in the business back in October 2005 for €18-million.

Nampak will fund the acquisition through available cash resources and existing debt facilities.


600450 Nampak to invest R4bn in glass business

See more news about:

Others also read

Proprietary laminate windows collect, store energy; convert it to electricityRIVIERA BEACH, FL – An innovative new patented technology transforms office building windows into "solar farms" and allows these structures to reuse collected energy and become self-sufficient in the event of a power outage.
DALLAS, Texas, December 22, 2011 /PRNewswire/ --ReportsnReports adds new market research report 'Solar Photovoltaic (PV) Power - Global Market Size, Installation Prices, Module Market Shares, Market Segmentation, Regulations and Key Country Analysis to 2020' to its store.
The University of Minnesota's historic Folwell Hall completed three years of extensive renovation, just time for the 2011 academic year.
Glassman as one of the largest glass processing machine manufactures in the world presented ZAK Glass Technology Exhibition during 8-11 December 2011, in Mumbai, India.
The development of ESG’s privacy glass product, ESG Polyvision™, has quite literally reached new heights.
We sincerely thank all our members, friends and visitors for being part of GlassOnWeb and its success during 2011.

Add new comment