Nampak invests R938m in glass packaging

Date: 24 November 2011
Source: http://www.businesslive.co.za
Nampak has acquired the other 50% share in its glass packaging business from Wiegand-Glas for R938 million.

Image: Nampak

Andrew Marshall, CEO of Nampak said "this acquisition is part of our strategy of investing in our core businesses where we believe we have competitive advantages.

"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.

"Although they will no longer be shareholders in the business we are pleased that Wiegand-Glas have agreed to remain as our technical service provider."

The transaction is subject to the approval of the Competition Authorities.

600450 Nampak invests R938m in glass packaging glassonweb.com

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