Elopak expands presence in the Middle East and Africa

Norwegian packaging manufacturer Elopak has announced the acquisition of Naturepak Beverage Packaging Co., a packaging solutions company.

The company was purchased from Gulf Industrial Group Company and Evergreen Packaging at a cashless price and without debt for $96 million (€83 million).

Naturepak Beverage is a supplier of fresh liquid cartons and packaging systems in the Middle East and North Africa with local manufacturing facilities in Morocco and Saudi Arabia.

The deal will allow Elopak to expand its global footprint, give it access to new growing markets and support its goal of achieving a target 2-3% revenue growth.

Thomas Kermendy, CEO of Elopak, said: “This transaction represents an important part of the company's growth intentions, which we set out to our shareholders during this year's IPO. I am proud to own what we consider to be one of the highest quality assets in the region and welcome Naturepak Beverage employees to the Elopak family.”

He continued: “By establishing a presence in Morocco and Saudi Arabia, we can access important emerging markets and provide the Elopak brand portfolio to key local and international players. The transaction reflects our commitment to expanding business in the Middle East and Africa."

Naturepak Beverage will be renamed Elopak and its customers will have access to a wider range of products, sustainable packaging solutions and technical expertise.

PioneerProduct based on foodbev.com