Date: 24 November 2011
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.
http://www.businesslive.co.za
2011-11-24T12:00:00
Nampak invests R938m in glass packaging
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